An updated schema for the Open Property Data Association’s (OPDA) Property Data Trust Framework (PDTF) schema, has added new features to improve transparency, reduce delays and further accelerate the digitisation of the property market said the group.
The PDTF is an attempt to standardise the collection, storage and redistribution of data in such a way that it can be shared more readily between all parties, including government, conveyancing, lenders and estate agency; with trust in its origins and veracity.
Version 3.5 includes two sizeable updates to the scheme alongside a raft of smaller updates. The group said it follows several months of collaboration its members and industry partners. In v.3.5 the schema sets out
- Milestones – enabling critical progress updates to be shared consistently across all parties in a property transaction. By reducing the need for manual chasing and ensuring everyone has a clear view of the chain, milestones make it easier to co-ordinate key stages such as agreeing and confirming completion dates.
- Surveys and valuations – a crucial step towards supporting the mortgage lending journey. Standardising this data within the framework will make it easier for lenders, brokers and conveyancers to share and rely on verified information when progressing applications.
“Version 3.5 is another important step in making digital property transactions the norm. Milestones are a game-changer – they give everyone in a chain a clear picture of progress and reduce the endless chasing that slows deals down. Adding surveys and valuations brings us closer to a joined-up lending process, which will be critical for adoption at scale. At Moverly, we’re fully committed to implementing these standards and helping the industry move forward together.”
said Ed Molyneux, co-founder and CTO at Moverly, and OPDA founding member.
Angela Hesketh, head of market development UK at PEXA, added,
“Version 3.5 of the Property Data Trust Framework marks another significant step forward in the industry’s journey towards true digitisation. The introduction of milestones has the potential to transform transparency across the chain, giving all parties a shared view of progress and reducing inefficiencies caused by manual chasing. Equally, the addition of surveys and valuations is a key move towards streamlining the mortgage process, ensuring that lenders, brokers and conveyancers can rely on consistent, trusted data.
“At PEXA we believe that open standards like the PDTF are central to building a faster, fairer and more connected property market. We are proud to play an active role within OPDA and remain committed to supporting the adoption of the framework across the industry.”
In its recent ‘Data Standards and Interoperability’ report, the Digital Property Market Steering Group (DPMSG) recommended closer collaboration with OPDA on the future development of the PDTF. Work is already underway with DPMSG and OPDA members to design the next generation of the framework. OPDA said it continues to encourage all estate agent, mortgage and conveyancing software providers to adopt the framework within their platforms and APIs, helping to create a faster, more transparent, and more efficient home-buying process.
For more information on OPDA, visit: https://openpropdata.org.uk/.
