The Intermediary – May 2025 - Flipbook - Page 79
T E C H N O L O GY
Opinion
Unlocking the future
of homebuying
T
he UK property market
has long been hindered
by inefficiencies, a lack
of transparency, and
outdated processes that
make homebuying a
stressful and uncertain experience.
With Government backing for
greater digitisation and new research
revealing a significant gap in
consumer perception versus reality,
now is the time to act.
Our latest research at the Open
Property Data Association (OPDA)
highlights a striking disconnect: 64%
of consumers believe that at least 21%
of property information is already
available digitally, but in reality, less
than 1% of this data is truly accessible
in a usable digital format.
This misalignment isn’t just an
inconvenience, it’s a fundamental
barrier to progress. It contributes to
delays, unnecessary costs, and a lack
of trust in the homebuying process.
The question is: what does
modernisation actually look like,
and how can the property industry
bridge this gap?
Digital Property Packs
Consumers are ready for change.
Our research shows that 82% of
homebuyers and sellers believe
Digital Property Packs are a good idea,
and 77% would actively use them
if available.
These packs would provide a
secure, comprehensive, and instantly
accessible gateway to essential
property information, allowing
buyers, sellers, and professionals to
verify and share critical data from
the outset.
This simple yet transformative
solution would streamline
transactions, reduce fall-through
rates, and build trust in the process.
The concept isn’t new – in other
industries, digitisation has already
revolutionised consumer experiences.
The financial sector, for example,
Our research shows
MARIA HARRIS
is chair of the Open Property
Data Association
that 82% of homebuyers
and sellers believe Digital
Property Packs are a
good idea”
has embraced Open Banking,
making transactions faster, safer,
and more transparent. We now have
the opportunity to apply the same
principles to property.
Smarter, more efficient
The recent commitment from the
Ministry of Housing, Communities
and Local Government (MHCLG) to
smart property data underscores the
need for industry-wide collaboration.
To fully realise the benefits of digital
property transactions, stakeholders,
including conveyancers, estate agents,
mortgage lenders, and regulators,
must work together to create a clear,
trusted framework for data sharing.
Phil Spencer, property expert and
founder of property advice website
Move iQ, said: “This highlights what
many of us in the property industry
have known for years – the data we
rely on just isn’t easily accessible,
and too oen, it’s in formats that are
outdated, unreliable, or difficult to
share safely.
“This initiative with clearer
protocols for property data could be a
game-changer for the way we buy and
sell homes in the future. There’s still a
lot of work to be done, but these steps
mark a real shi in how the industry
and government work together to
improve the process.”
At OPDA, we believe that by
embracing digital solutions, the
property industry can reduce friction,
enhance transparency, and ultimately
improve consumer outcomes.
But success depends on a regulatory
environment that fosters innovation
while ensuring consumer protection.
Our research found that 15% of
consumers see clear guidance from
Government and regulators as a key
factor in increasing confidence in
digital property data.
Without this, adoption will be slow,
and the market will continue to lag
behind other sectors.
The blueprint
Open Banking provides a powerful
precedent for what is possible. Marion
King, chair and trustee at Open
Banking Limited, highlights how
secure, consent-driven data sharing
has transformed financial services:
“By enabling greater transparency,
efficiency, and competition, Open
Banking has set the blueprint for what
could be possible in other sectors,
including property.”
The time for incremental change
is over. With consumer demand,
Government recognition, and
industry momentum building, we
must seize this moment to modernise
homebuying in the UK.
Digital Property Packs are the
logical next step, but they must be part
of a broader effort to create a seamless,
data-driven ecosystem that benefits all
market participants.
The future of property transactions
is digital. By working together, we
can ensure that homebuyers and
sellers have the safe, trusted, and
accessible information they need at
their fingertips. The industry must
act now to bridge the gap and deliver
the modern, efficient property market
that consumers deserve. ●
May 2025 | The Intermediary
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