On 14 August 1975, the UK passed the Sex Discrimination Act. Among many other changes, it meant that for the first time women could apply for a mortgage in their own name without needing a male guarantor. It was a pivotal step towards financial independence and a reminder of how much progress can be made in a single generation.
But while the right to access mortgages has evolved dramatically over the past fifty years, the process of getting one has remained remarkably static. The homebuying journey is more fragmented and takes longer now than it ever has before.
Today, according to our report, The Future of Homebuying: Consumer Expectations and the Path to Digital Transformation, 62.1% of buyers took more than three months to get from offer accepted to completion. In an age where we can transfer money instantly, buy almost anything at the click of a button, and apply for loans on a mobile app, our sector feels like it has been left behind.
We are, however, on the cusp of the biggest homebuying and data transformation the property market has ever seen. Just as 1975 reshaped who could access the system, the 2020s will reshape how the system itself works.
At the heart of this change is the adoption of smart property data and open standards. OPDA is leading this change with industry partners to create the Property Data Trust Framework: a common set of standards that allows property information to be shared digitally, securely and with provenance attached. By digitising everything from title deeds to surveys and ensuring that this data can move seamlessly between lenders, brokers, conveyancers and estate agents, we are transforming the consumer experience.
The benefits are clear:
· Better outcomes for consumers – delivering a safer, more transparent, predictable and less stressful journey.
· Fewer fall-throughs – ensuring verified, trusted information is available to everyone who needs it at the start of the process.
· Faster transactions – reducing weeks of waiting and inefficiency by cutting out duplication, manual checking, and re-keying of information.
This shift is not just about convenience. With affordability stretched and interest rates still weighing heavily on household budgets, borrowers cannot afford inefficiency. The longer a transaction drags on, the greater the risk of fall through and the higher the likelihood of financial and emotional cost for those involved.
Government has recognised and is backing the need for change: The Data Use & Access Bill received Royal Assent on the 19th June so is now officially an act of parliament – a huge step forward in getting consumers and the industry access to the data they need to trust and share
as part of the homebuying journey. Digitisation of homebuying and the case for smart property data also feature strongly in the Industrial Strategy and the first Digital Property Market Steering Group (DPMSG) report into data standards and interoperability found trust and digitisation are essential to deliver the transformation we need.
The industry is now at a critical inflection point: we can try to continue with a system that has barely changed in decades, or we can work together to build a digital foundation fit for purpose now and for the next 50 years.
The story of women’s right to a mortgage is a powerful reminder that change, when it comes, can be transformative. 50 years on, it is time for another transformation; one that doesn’t just decide who can buy a home, but fundamentally improves how we buy and sell them.
At OPDA, our mission is to make property transactions safer, fairer, and easier for everyone. If we get this right, then when we look back in another 50 years, the 2020s will be remembered as the decade the UK finally modernised homebuying for good.
Maria Harris is chair at the Open Property Data Association
