A groundbreaking initiative led by the Council for Licensed Conveyancers (CLC) has received almost £750,000 in Government funding to create a new digital framework aimed at transforming the homebuying and selling process.
The project, developed in partnership with the Open Property Data Association (OPDA) and Raidiam, pioneers of Open Banking, will establish the first framework for digitising property data and enabling secure data sharing among all parties involved in a transaction.
The Property Data Trust Framework, which brings together information from sources including HM Land Registry, local authorities, and conveyancers, follows a successful bid for £742,700 from the Regulators’ Pioneer Fund.
Early estimates suggest that by allowing conveyancers to access verified property data from a single source, the system could reduce the time, cost, and risk of transactions by up to two-thirds.
The 12-month project will involve ‘sandbox’ testing to demonstrate the technical, regulatory, and security requirements needed for implementation.
Raidiam, which helped establish Open Banking used by more than 1,000 banks worldwide, will lead the proof-of-concept phase.
OPDA, developer of the UK’s first open-source schema for upfront property information, will oversee data standards, industry engagement, and collaboration across stakeholders to ensure full representation of the property lifecycle.
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, said: “Today’s 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.”
Barry O’Donohoe, chief executive and co-founder at Raidiam, added: “This collaboration with OPDA and the CLC marks a major milestone for the UK’s smart data ecosystem.
“By combining regulatory leadership with industry collaboration, and by using technology as a catalyst for progress, we’re turning innovation into real world infrastructure that benefits both markets and consumers.
“Home buying in the UK remains far too manual and fragmented. Together with the OPDA and CLC, we’re proving how secure, consented data sharing – enabled by the Property Data Trust Framework – can make the process faster, safer, and more transparent, creating tangible value for everyone involved.”
