The Open Property Data Association (OPDA) has launched version 3.5 of its Property Data Trust Framework (PDTF) schema, aiming to make property transactions faster and more transparent.
The updated version builds on the previous update, with two main changes.
Milestones have been added so that everyone involved in a property deal can get regular progress updates.
This is designed to cut down on manual chasing and make it clearer when key steps, like agreeing or confirming completion dates, have been reached.
Surveys and valuations are now included in the data standards, which means lenders, brokers and conveyancers can share this information more easily during mortgage applications.
OPDA worked with its members and industry partners for several months to develop the new features.
The PDTF has been used across the sector as a standard way to define property details, check data sources and share information with trust.
Ed Molyneux (pictured), co-founder and CTO at Moverly and OPDA founding member, said: “Version 3.5 is another important step in making digital property transactions the norm.
“Milestones are a game-changer – they give everyone in a chain a clear picture of progress and reduce the endless chasing that slows deals down.
“Adding surveys and valuations brings us closer to a joined-up lending process, which will be critical for adoption at scale.”
Molyneux added: “At Moverly, we’re fully committed to implementing these standards and helping the industry move forward together.”
Angela Hesketh, head of market development UK at PEXA, said: “Version 3.5 of the Property Data Trust Framework marks another significant step forward in the industry’s journey towards true digitisation.
“The introduction of milestones has the potential to transform transparency across the chain, giving all parties a shared view of progress and reducing inefficiencies caused by manual chasing.
“Equally, the addition of surveys and valuations is a key move towards streamlining the mortgage process, ensuring that lenders, brokers and conveyancers can rely on consistent, trusted data.”
Hesketh added: “At PEXA we believe that open standards like the PDTF are central to building a faster, fairer and more connected property market.
“We are proud to play an active role within OPDA and remain committed to supporting the adoption of the framework across the industry.”
