OPDA calls on property industry to ‘have say’ on government housing reforms

The Open Property Data Association (OPDA) has called on those involved with every part of the house buying process to participate in the government consultation on housing reforms, which aim to reduce both costs and delays.

The Ministry of Housing, Communities and Local Government’s (MHCLG) 12-week consultation, which proposes major reforms to the house buying system, is open until 29 December.

The OPDA is urging consumers, conveyancers, intermediaries and lenders to “have their say” on the new proposals, under which sellers and estate agents will be legally required to provide key information about a property up front, with the option of binding contracts potentially stopping either party “walking away late in the process”.

The proposals also call for the introduction of trusted data and digital tools to allow consumers to complete tasks and track progress in real time.

According to Rightmove, it currently takes an average of 22 weeks for customers to reach completion on their home purchase. However, those using OPDA’s data standards for digital property packs have seen the time reduced from mortgage offer and purchase accepted to exchange within 15 days.

Maria Harris, chair, Open Property Data Association

Maria Harris, chair of the OPDA, said that “outdated processes, duplication and breakdowns in communication” mean the house moving process now takes twice as long as it did 20 years ago.

“We believe Open Data and technology standards are essential for transforming the housing market and delivering proven economic benefits, and that’s why we’re working with the industry to campaign for change,” Harris added.

“We have a unique opportunity to deliver the type of transformational change that doesn’t come along very often – let’s make sure we land this one by sharing our views.”

In October, Raidiam, the OPDA and the Council for Licensed Conveyancers (CLC) teamed up to deliver a new proof of concept that will digitise the UK’s home buying and selling process. The project has been awarded £742,700 by the Regulators’ Pioneer Fund.

OPDA’s members include high street lenders NatWest Group, HSBC, Nationwide and Lloyds Banking Group, as well as intermediaries, surveyors, conveyancers and proptech firms.