Property technology provider Moverly has been awarded the Smart Data Challenge Prize for its digital sale ready packs, which securely share the multiple sources of home-related data used throughout the home buying process.
The £50,000 prize, funded by the Department for Trade and Industry, was awarded to Moverly following eight months of development of the packs, which were produced in conjunction with the Open Data Property Association.
The digital packs include land registry information, energy performance certificates, utilities and restrictions data, title documents, searches and legal forms, all shared securely between buyers, sellers, conveyancers, surveyors and mortgage providers.
Buyers receive simple summaries with red, amber and green risk flags, while conveyancers have access to detailed data which allows them to pre-emptively resolve issues such as mismatched names on title deeds. Surveyors use the packs to auto-populate reports, while lenders can access validated data and issue mortgage-ready status or offers within minutes.
Moverly estimates average transaction times can be reduced from 22 weeks to under 12 if the packs are adopted at scale, with fall-through rates cut from over 25% to below 10%. Individual savings are estimated by Moverly to be between £1,000 and £2,000, with market-wide efficiencies estimated at around £2-3 billion annually.
“In the UK it takes an average of 22 weeks to complete a transaction, and more than one in four sales collapse – often very late in the process”, Moverly founder and CTO Ed Molyneux said.
“Each failure leaves buyers and sellers with legal fees, survey costs, and wasted time. The financial loss to consumers runs into billions each year. It reduces mobility, adds friction to the housing market, and undermines consumer confidence in one of life’s most important milestones.
“We address these challenges by reframing the transaction around trusted, reusable data. Instead of information being repeatedly requested, re-keyed, and re-verified, digital sale ready packs provide a single, trusted source of truth built on Smart Data principles. Each pack contains verified property data that can be confidently reused by buyers, sellers, agents, conveyancers, surveyors, and lenders. This enables once-only data capture and transparent sharing between participants.”
The Smart Data initiative was launched by the Conservative government in 2023, with the aim of adopting wider data mobility that could be used by the home buying, energy, banking, finance, retail, transport and telecommunications sectors.
Through the Smart Data Challenge Prize, the government gains insight into a range of tested use cases across each sector to resolve potential barriers to development, and identify the data that can be used to boost economic growth.
The minister for digital economy, Baroness Lloyd of Effra, said:
“Cutting edge ideas and innovation is central to this prize and I congratulate Moverly and all the teams that competed this year on their projects.
“We want to harness the power of smart data so it can have real world benefits for consumers but also help cut red tape and boost the economy, and that’s why this prize is so important.”
