A new video designed to help consumers understand smart property data and how it can improve the home buying and selling process has been launched.
The Digital Property Market Steering Group (DPMSG) has released the two-minute film and is calling on organisations across the property and financial services sectors to share it far and wide.
Made with consumers in mind, the video aims to explain how sharing property information securely could make moving home easier and less stressful.
Recent research by the Open Property Data Association found around half of home moves in the UK fall through before completion, with repeated requests for the same information contributing to the frustration and delays experienced by consumers.
The video draws a comparison with open banking, explaining how smart property data will enable people to control how their property information is shared.
Stephen Ward, DPMSG member and director of strategy at the Council for Licensed Conveyancers, the regulatory sponsor of the Smart Property Data Trust Framework Pilot, said: “Smart Property Data offers the opportunity to revolutionise home moving by making it easier for the right information to be shared securely between the organisations involved, while keeping the consumer firmly in control.
“This short video is about making that idea easy to understand.
“We want people to see that this isn’t about technology for technology’s sake – it is about taking away some of the unnecessary repetition and friction from moving home to make the process simpler, faster and give home movers more certainty.
“Importantly, consumers will remain in control, including being able to see who holds their information and why.
“We’re asking organisations across the industry to help us get the video in front of as many consumers as possible, so that more people understand the benefits of Smart Property Data and what it could mean for them.”
