CLC secures £750,000 funding to help speed-up home buying process
A groundbreaking project backed by the Council for Licensed Conveyancers (CLC) that aims to transform the homebuying and selling process has been awarded almost £750,000 in Government funding.
In partnership with the Open Property Data Association (OPDA) and open banking brand Raidiam, the CLC will create what is believed to be the first framework for digitising property data and enabling the safe and secure sharing of information upfront among all parties involved in a transaction.
Early estimates suggest this approach, which would see conveyancers able to access the data they need in one place could reduce the time, cost and risk involved in property transactions by up to two-thirds.
The Property Data Trust Framework, which brings together data from bodies such as HM Land Registry, local authorities and conveyancers, follows a successful bid for £742,700 to the Regulators’ Pioneer Fund, a Government initiative which awards grants to regulators trialling new, more efficient ways of working. It is also supported by the Digital Property Market Steering Group and, if implemented, would provide an open standard that will support interoperability across the property market.
The project will run for the next 12 months and includes sandbox testing of the technical infrastructure.
OPDA, which developed the UK’s first open-source schema for upfront property information, will lead the work on standards, industry engagement, and manage collaboration across all stakeholders to ensure end-to-end property lifecycle representation.
Sheila Kumar, chief executive of the CLC, said:
“This is a significant and hugely exciting step forward in transforming the homebuying and selling process, which for far too long has been held back by inefficiencies including a lack of unified standards, contributing to around one in three transactions falling through.
“Like open banking, this project has the potential to deliver the blueprint for a seamless, efficient and truly transparent experience for consumers and with experts such as Raidiam and the OPDA working together, I have no doubt that it will.”
Maria Harris, chair of OPDA, added:
“This announcement is a vital step in demonstrating how a smart data trust framework can streamline the way we buy and sell property. The homebuying process in the UK is one of the slowest and most painful in the world. Improving data standards and data sharing in the housing market will not only speed up transactions, building trust and confidence but it will also be a catalyst for economic growth.
“OPDA has been campaigning for secure trust and open data standards since its inception in June 2023. Now, with this funding, we can start to evidence the impact and the improvements it will bring. This project will test and demonstrate data sharing in a safe, compliant, and cost-effective way, serving as a proof point for digital transformation in the property market. By embedding open standards and improving the way that data is shared between buyers, sellers, lenders, conveyancers, and estate agents, we can bring the housing market into the digital age.”
“I’m delighted to be partnering with the CLC in securing this funding through the Regulators’ Pioneer Fund and, alongside our members, we look forward to working with them and Raidiam to create a secure, transparent, efficient homebuying journey benefiting all stakeholders.”
Kindly shared by Estate Agent Today Image courtesy of Adobe
