Conveyancers and the wider property market have been challenged to meaningfully engage with upcoming reforms to the process of transacting properties if they are to “retain their competitor advantage and customer confidence” warned the Open Property Data Association (OPDA) following its latest annual general meeting (AGM).
Digital processes are becoming more and more a part of everyday transactions, with a growing number of firms adopting Qualified Electronic Signatures (QES), reusable digital identity verification (DVS) and Open Finance data, demonstrating changes already starting to shape the future of conveyancing.
A panel session closing the third AGM warned the profession risked being left behind if they wait for Government mandation before adapting their processes. Hosted by OPDA chair Maria Harris, the panel included Digital Property Market Steering Group (DPMSG) delivery lead Kate Faulkner OBE, chair of the Home Buying and Selling Council, Beth Rudolf, director of delivery at the Conveyancing Association, Nick Boddington, director of strategic partnerships at HM Land Registry, and Stephen Ward, director of strategy at the Council of Licensed Conveyancers.
Maria Harris, chair of OPDA, said: “We have reached an important point in the journey towards a more digital, connected property market. The Government has set out its direction of travel and roadmap commitments, DPMSG has been established as the delivery vehicle for digitisation, and the industry has already done a huge amount of work to establish the data model, standards, frameworks, and shared methodology needed to make this happen.”
The Government’s Home Buying and Selling Reform Roadmap, published in the summer, has provided a clear direction and timescales for the industry said the OPDA. Over 12 chapters it sets out the ambition to modernise the process and make it quicker, more transparent and less prone to failure.
Previewing the autumn budget, chancellor John Healey announced plans to cut administrative and tariff costs citing a commitment to streamline the home-buying and selling process, “saving businesses in the transaction chain £116 million a year” suggesting the budget could introduce some of the measures outlined in the roadmap.
However, the panel acknowledged that businesses are keen to understand how the various workstreams fit together and what the changes mean for them in practice: “We need to make the changes and implementation tools tangible and easy to understand for businesses. The more clearly we can show what a digitised journey looks like, the benefits it delivers, and how different parts of the industry are working together to get there, the easier it will be for firms to understand the role they have to play and to start making progress” added Harris.
Importantly businesses do not need to wait for every element of the Government’s reform programme to be implemented before making progress. Lenders, conveyancers, estate agents and other professionals can begin by reviewing their existing processes, engaging with clients and partners about digital data sharing, and considering how material information can be collected upfront and reused more effectively.
Given the fragmented nature of property, the panel was also unequivocal in its view reform must reach businesses of every size. Smaller and independent firms play a significant role in the property market and cannot be left behind as digital processes and trust standards develop. Industry-wide collaboration, practical guidance and effective communication will be vital to ensuring that the benefits of reform are realised across the market, they said.
The message to the industry was clear said the OPDA. Digital reform is not about introducing new technology. It is about creating the framework for trusted, consistent and reusable property information that enables professionals to work more efficiently, reduce unnecessary duplication and give consumers greater clarity and confidence throughout the home buying and selling process.
“Organisations cannot afford to sit back and wait for the standards to be mandatory if they want to retain their competitor advantage and customer confidence” concluded Harris. “Businesses across the property chain need to start preparing now, engaging with the changes, and getting ready for smart data, trust frameworks, and accreditation. This means digitising your data and adopting the voluntary trust and accreditation standards today to make the home buying process better for everyone.”
OPDA said it will continue to lead the delivery of digitisation standards and engagement with industry stakeholders and Government through the Digital Property Market Steering Group (DPMSG) delivery group and Smart Data Council to support interoperable smart data standards and to drive adoption of trusted data sharing across the mortgage and property industry.
