The Council for Licensed Conveyancers (CLC) has been given £742,700 by the Government for a ‘groundbreaking’ project that aims to transform the homebuying and selling process, says Chief Executive Sheila Kumar (pictured).

Early estimates suggest the approach could reduce the time, cost and risk involved in property transactions by up to two-thirds.

CLC is partnering with the Open Property Data Association and Raidiam, the pioneers of Open Banking, to create the first framework for digitising property data and enabling secure information sharing upfront among all parties in a transaction.

The Property Data Trust Framework will bring together data from bodies, including HM Land Registry, local authorities and conveyancers. Conveyancers would be able to access the data they need in one place rather than having to go to multiple different sources.

This is a significant and hugely exciting step forward in transforming the homebuying and selling process.”

Kumar says: “This is a significant and hugely exciting step forward in transforming the homebuying and selling process, which for far too long has been held back by inefficiencies, including a lack of unified standards, contributing to around one in three transactions falling through.

“Like Open Banking, this project has the potential to deliver the blueprint for a seamless, efficient and truly transparent experience for consumers.”

The project will include sandbox testing led by Raidiam, which now works with more than 1,000 banks globally and OPDA will lead the work on standards and industry engagement.

catalyst for economic growth

Maria Harris, Chair of OPDA, says: “The homebuying process in the UK is one of the slowest and most painful in the world. Improving data standards and data sharing in the housing market will not only speed up transactions, building trust and confidence, but it will also be a catalyst for economic growth.”

The project testing will run for the next 12 months and then conclude with the publication of a final report and recommendations for smart data implementation across the property sector.