Moverly’s digital property pack was named winner of the Smart Data Challenge Prize by the Department for Business and Trade.
The prototype, developed by Moverly and the Open Data Property Association (OPDA), generates digital sale ready packs to help people buy and sell homes.
Moverly was awarded the £50,000 prize after eight months of testing in a data sandbox.
The project brings together different types of data into one place, including land registry, energy performance certificates, council tax, utilities, restrictions, title documents, searches and legal forms.
Moverly estimated the packs could cut average transaction times from 22 weeks to under 12, with fall-through rates dropping from over 25% to below 10%.
Households could save £1,000 to £2,000 in direct costs, while total market savings might reach £2bn to £3bn per year.
Minister for Digital Economy Baroness Lloyd of Effra, said: “Cutting edge ideas and innovation is central to this Prize and I congratulate Moverly and all the teams that competed this year on their projects.
“We want to harness the power of smart data so it can have real world benefits for consumers but also help cut red tape and boost the economy, and that’s why this prize is so important.”
Ed Molyneux, founder and chief technology officer of Moverly, said: “Finding a home and making a new life in it should be one of the most positive experiences, instead it is fraught with stress and uncertainty, and if a transaction falls through it can be heartbreaking.
“Why should anyone settle for this? In the UK it takes an average of 22 weeks to complete a transaction, and more than one in four sales collapse – often very late in the process.
“Each failure leaves buyers and sellers with legal fees, survey costs, and wasted time.”
Molyneux added: “The financial loss to consumers runs into billions each year.
“It reduces mobility, adds friction to the housing market, and undermines consumer confidence in one of life’s most important milestones.
“We address these challenges by reframing the transaction around trusted, reusable data.”
He said: “Instead of information being repeatedly requested, re-keyed, and re-verified, Digital Sale Ready Packs provide a single, trusted source of truth built on Smart Data principles.
“Each pack contains verified property data that can be confidently reused by buyers, sellers, agents, conveyancers, surveyors, and lenders.
“This enables once-only data capture and transparent sharing between participants.”
