Digital property packs are a good idea say four in five consumers but the gap between their understanding of property transactions, and the reality, is driving delays, a lack of transparency, and inefficiencies in the property market.
A recent survey of home movers identified 82% of consumers believe Digital Property Packs are a good idea, with 77% saying they would use one if available. And when it comes to the digitisation of data in the property market Two thirds of consumers believe at least 21% of property information is already available digitally. The reality is less than 1% is in a truly digital format according to the Open Property Data Association (OPDA). The same research reveals highlights the importance of clear guidance and regulation in ensuring widespread adoption with 15% of consumers suggesting ‘government or regulator guidance on data sharing’ as a key factor in their adoption and confidence in using Digital Property Packs.
The Open Property Data Association is a trade body including mortgage lenders, property and Proptech firms, conveyancers and estate agents whose focus is on creating agreed principles and process for the collection, storage and sharing of property data. The body says digital property packs offer a ‘secure, comprehensive, and instantly accessible gateway to essential property details’ enabling buyers and sellers to access, verify, and share critical information upfront, streamline communications, reduce fall through rates and enhance trust in the process.
The association point to the Ministry of Housing, Communities and Local Government (MHCLG) announcement last month on the plan to modernise the home moving process as evidence of the need urgently reform. And the fact home movers themselves are calling for change should spur further action says OPDA Chair Maria Harris.
“The property market is long overdue for transformation. Our research shows that consumers are not only open to Digital Property Packs but are actively calling for them. With the Government’s commitment to digitisation, now is the time to push forward and ensure that buyers and sellers have the safe and trusted information they need at their fingertips.”
Television personality and founder of property advice website Move iQ, Phil Spencer said
“This announcement highlights what many of us in the property industry have known for years – the data we rely on just isn’t easily accessible, and too often, it’s in formats that are outdated, unreliable, or difficult to share safely. This initiative with clearer protocols for property data could be a game-changer for the way we buy and sell homes in the future. There’s still a lot of work to be done, but these steps mark a real shift in how the industry and government work together to improve the process.”
With progress being made toward a ‘more digital future’ the OPDA is calling on industry to work together in implementing a seamless, transparent, and consumer-friendly approach to accessing and sharing smart property data on all homebuying transactions.
One example we’re already seeing the benefit of is open banking which has ‘transformed’ financial services and delivered greater transparency, efficiency and competition says Marion King, Chair and Trustee at Open Banking Limited
“Open banking is the blueprint for what could be possible in other sectors. By enabling secure, consent-driven data sharing, open banking has transformed financial services… this same approach can unlock similar benefits in areas like digital property packs, streamlining transactions, reducing friction, and ultimately improving consumer outcomes. As we’ve seen in financial services, when data moves seamlessly, markets work better for everyone.”
