Group in charge of selling reform reveals ‘upfront information’ changes

The Home Buying & Selling Group (HBSG), the industry lobby group which represents estate agency, conveyancing, proptech and search providers, has started to roll out its Property Data Trust Framework to the public.

HBSG wants the industry to adopt common standards to make upfront information available and shareable in a digital format.

FRAMEWORK

The framework includes a free to use, open-source repository of JSON schemas which cover the key elements of an upfront information pack for customers and estate agents.

This would include the ‘Buyer and Seller Property Information’ (BASPI); material information for property listings as described by National Trading Standards and early search flag indicators. All of these can then be shared with the seller’s conveyancer and other transaction participants such as potential buyers and mortgage lenders.

The BASPI aims to be a ‘single source of truth’ containing all the information required about a property when it is listed for sale.

FAIR

If adopted the HBSG says that the standards will help to ensure that the property data is FAIR – Findable, Accessible, Interoperable and Reusable.

This is a significant milestone in the much-needed move of the industry from documents to data.”

Maria Harris (pictured), Chair of the Home Buying & Selling Technology Group, says: “The development of the Property Data Trust Framework is a significant milestone in the much-needed move of the industry from documents to data.

“Through digitisation of the upfront property data, connecting our systems using a common set of API standards and redesigning the end-to-end journey we’ve seen a real breakthrough in improving the customer and user experience.”

CHALLENGES

And she adds: “Industry adoption will be one of our biggest challenges so I’d encourage anyone not already involved in our group to get in touch or speak to their software provider about what this means for them.”

To register for further information or to access the schemas click HERE.

Follow the HBSG LinkedIn pages to keep up to date HERE and HERE.