The CLC will work in partnership with the Open Property Data Association (OPDA) and Raidiam – a firm that pioneers the use of open banking and open data – to create a framework for digitising property data as well as the secure sharing of information.
The process is expected to reduce the time, cost and risks attached to property transactions by a third, it has been estimated.
The Property Data Trust Framework will collate data from HM Land Registry, local authorities and conveyancers. The firms successfully bid for £742,700 to the Regulators’ Pioneer Fund, a government initiative that awards grants to regulators that are trialling new and more efficient ways of working.
The project is also supported by the Digital Property Market Steering Group.
If it is introduced, it would provide an open standard that would support integration across the property market.
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The project will run for 12 months and include sandbox testing of the technical infrastructure needed to support the regulatory, security and governance standards for firms so they can access and share property data.
Raidiam will lead the ‘proof of concept’ testing phase, which will evidence the feasibility of the project. The OPDA will work on standards and industry engagement and manage collaboration across stakeholders.
The home buying and selling process has been ‘held back’
Sheila Kumar (pictured), chief executive of the CLC, said this was a “significantly and hugely exciting step forward” in transforming the home buying and selling process, which had been held back by a lack of unified standards.
She added: “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 the OPDA, said it was a “vital step” in demonstrating how a smart data trust framework could streamline processes.
“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,” she added.
Harris said: “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 benefitting all stakeholders.”
Barry O’Donohoe, CEO and co-founder of 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.”
The project is being managed by the CLC and will conclude with the publication of a final report and recommendations for smart data implementation across both the property sector and wider UK economy.
