data trust

HBSG unveils Property Data Trust Framework v2.0

The Home Buying & Selling Group (HBSG) has announced the release of v2.0 of its Property Data Trust Framework and updated JSON schema.

The HBSG says the updates “build on the success of the original framework, learnings from live beta testing, and provide even more comprehensive guidance for open property data sharing”.

“One of the biggest challenges facing the home moving industry has been its siloed systems and processes, closed platforms, and inability to share data in a trusted way,” said the Group. “The lack of structured data and technology standards has stifled innovation and held the industry back, contributing to a poor customer and user experience – similar to the challenges seen in fintech and current account data before Open Banking.”

The Property Data Trust Framework is a set of principles and guidelines that enable property data sharing in an open and transparent manner (like Open Banking but for property data). It sets out the key requirements for data providers, data users, and trust entities to facilitate secure and seamless property data sharing.

The updated version incorporates the new and updated fields in v4.0 of the BASPI (buyer and seller property information form), changes to LPE forms, new data fields for search results, as well as the addition of referencing to map digital upfront data directly to other formats such as TA forms.

The HBSG say the new schema is an “industry-ready, standardised format for property data that ensures consistency and accuracy”.

The aim is that, by adopting these standards and implementing the data structures in the schema, the framework makes it easier for industry firms, software organisations, and connectivity platforms to collect and share data with confidence.

“We believe that these updates will help organisations navigate the complexities of open property data sharing and promote greater transparency and innovation in the property industry,” said Maria Harris, Chair of the Technology Group.

Lubna Shuja, President of the Law Society of England and Wales:

“We are committed to helping improve the home-buying experience for consumers and others involved in the conveyancing process. It needs to be less unpredictable to reduce time scales and to make it as stress-free as possible.

There is no silver bullet. However, one way to improve the process is to provide consumers with information about the buying process and key information about a property at the very beginning of their search for a home. Part of the work to achieve this is already at an advanced stage, and this should help consumers understand what they are buying and lead to a reduction in sales falling through.”

The HBSG and Technology Working Group said they encourage all organisations involved in property data collection, NTSELAT Material Information required on advertising a property, upfront information, property listings, estate agency, searches, or conveyancing to adopt these standards and help drive the industry forward.

The Property Data Trust Framework v2.0 and JSON Schema are open source and available for free on GitHub.

Read more about the Property Data Trust Framework in Ed Molyneux’s column, A conveyancer’s guide to the Property Data Trust Framework.

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