The project aims to help lenders and conveyancers access shared trusted information more easily by bringing together platforms that are already widely used across the market. The goal is to reduce duplication, support faster decisions and help transactions progress with more certainty.
This comes shortly after the government released its roadmap to improve the home buying and selling process with a more data-led approach.
Combined, the organisations support more than 90% of lenders in the UK and residential conveyancing firms, which they said would create a “significant opportunity” to improve how systems work without the need for new platforms.
The firms will start by working on digital identity checks, mortgage offer distribution, redemption statement requests, certificate of title (COT) submission, electronic document signing, and charge registration and funds settlement.
This will involve ongoing engagement with lenders and conveyancers to shape the programme.
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Details on how lenders and conveyancers can engage with this initiative will be released soon.
Testing data sharing to modernise home buying
The Open Property Data Association (OPDA) and the Digital Property Market Steering Group (DPMSG) also recently announced a series of hackathons to test how property data can be shared during the home moving process.
Firms have been collaborating in real time within the Smart Property Data Trust Framework sandbox, and each hackathon has looked at different phases of the housing transaction process, including property packs, ID verification, anti-money laundering (AML) and fraud, and completions.
Firms taking part include Smoove, PropXchain, ViewMyChain, Sprift and Property Deals Insight.
Maria Harris, chair of the OPDA, said: “This is a critical step forward for the industry. For too long, property transactions have been held back by fragmented data and manual processes. What we’re seeing through these hackathons is the industry coming together to test practical solutions that can make home moving faster, more transparent and less stressful for consumers.
“The ambition is simple: capture property data once, trust it, and reuse it. That has the potential to transform the entire transaction.”
