Nearly £2m has been allocated to support innovation in the property market as conveyancing searches and data have been targeted by the government as areas where cutting through ‘out-dated red tape’ would enable innovators to ‘get new technologies out of the lab and into use sooner. ’
The funding has been awarded by the Regulators’ Pioneer Fund (RPF); a Department for Science, Innovation and Technology (DSIT) programme which sponsors regulators and local authority projects which contribute to creating a regulatory environment that fosters business innovation and investment.
£999,592 has been awarded to Land Data to set a new independent framework that will ‘modernise conveyancing searches’ as part of efforts to improve the homebuying and selling process .
The Council for Licensed Conveyancers (CLC) has announced it has received £742,7000 in funding to create what is believed to be the first framework for digitising property data and enabling the safe and secure sharing of information upfront among all parties involved in a transaction. The approach would utilise the Property Data Trust Framework (PDTF) which would enable conveyancers to be certain of the provenance of data and access it in one place, reducing time, cost, risk and administration.
The initiative is supported by the Digital Property Market Steering Group, the pan-sector group whose ambition is to support improving the home buying and selling process, and, if implemented, would provide an open standard that will support interoperability across the property market.
The CLC project will run for the next 12 months and include a test environment (sandbox) to verify the technical infrastructure needed to underpin the regulatory, security and governance standards for firms that need to access and share property data. The ‘proof of concept’ testing will be led by Raidiam, pioneers of open banking, and will incorporate the work of the Open Property Data Association’s (OPDA) open-source schema for upfront property information.
Commenting on the initiative 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, added:
“(This) 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.”
The collaboration mark a ‘major milestone for the UK’s smart data ecosystem said CEO and Co-founder at Raidiam Barry O’Donohoe.
“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 not just the property sector but the wider UK economy.
One Response
Wow, well all we know about the CLC suggests they will spend the money wisely and come up with something to aid homebuyers?
While all the while factory firms “regulated” by the CLC will continue to be a stain on the profession. It is not rocket science for this regulator how to improve times of conveyancing transactions and standards. Just regulate your firms properly, if we know who they are surely you must?