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The Home Buying & Selling Technology Group (HB&SG) just unveiled v2.0 of the Property Data Trust Framework. What this announcement sets out are the key requirements for data providers, data users and trust entities to facilitate secure and seamless sharing of property data. As one of the main contributors to the open code base, Coadjute has had a significant role in this transformation.
We want to shed some light on exactly why this represents a significant milestone, and a step in the right direction for progress. What does this mean for the property market, and more importantly for those buying and selling homes?
One of the major obstacles facing the property market in the UK has been the way its data has been stored and shared. An entanglement of overly complex processes, siloed systems, closed-off platforms and a lack of structured data and security standards has created an environment where data can rarely be shared in an easy or trustworthy way.
As a result, genuine progress and innovation has been stifled, and those trying to sell and buy their homes have been the ones to have suffered the most. Customer experience is at an all-time low, and we cannot expect buyers and sellers to put up with the situation getting any worse, or seeing transaction times get even longer than they already are, without urgent action.
This is why the HB&SG’s announcement is so significant. The Property Data Trust Framework is all about breaking down those barriers in the industry, including siloed systems, closed platforms, and the lack of a trusted method to share data. In the same way that Open Banking sparked a transformation with FinTech, the way the Framework ensures the quality data pertinent to property transactions is more readily available, and easier to share, paves the way for a total revolution in Upfront Property Information.
The availability of quality upfront information has been proven to reduce fall-throughs. A recent pilot conducted in England showed transactions times reduced by to 53 days when more information was provided transparently and earlier in the transactions process.
By providing comprehensive, quality information about the property early in the process, buyers can make more informed decisions and have a clearer understanding of the property’s condition, potential issues, and suitability for their needs. This reduces the likelihood of unexpected discoveries or discrepancies arising later in the transaction, which are common causes of fall-throughs. Additionally, upfront information can help establish trust and transparency between buyers and sellers, promoting smoother and more successful transactions.
Why should I care?
But why – I hear you ask – should you as an estate agent care about implementing these changes? The reason is because there is a lot in it for you.
Implementing these changes can help you win more business as customers increasingly look for seamless digital experiences. The availability of upfront information has been proven to reduce fall-throughs, and with digital data driving the process instead of physical documents, transactions will complete faster.
Now presents a golden opportunity to lead the change instead of following it.
Exciting times are ahead in the property transaction landscape, and at Coadjute, we're thrilled to be at the forefront of this transformation. We're playing a crucial part in shaping the future by providing Digital Upfront Property Packs, Digital Buyer and Seller Property Information (BASPI), and Smart Law Society Transaction Forms, all underpinned by secure, trusted data that flows seamlessly between businesses, and the software they use, during a property transaction.
Powering these advancements is the Property Data Trust Framework, our Distributed Ledger Technology (DLT) network, and the growing connection of estate agents, conveyancers, and brokers to our network. With the open Coadjute network, the benefits and value of open data are exponential.
Coadjute is proud to have been a main contributor of code to this open-source project and we're excited about the improvements it brings to the industry. Join us as we help shape a better future for property transactions.