One of the UK’s leading banks has partnered with an initiative within the property industry designed to improve the home buying process via the sharing of digital property information.

HSBC and the Open Property Data Association (OPDA) have revealed the deal, which will see the bank adopt the ‘data standards’ set by the OPDA.

These seek to ensure all players within the property market whether it’s estate agents, the Land Registry or local authority searches use the same digital ‘framework’ when sharing information a property sale.

Although many within the industry were initially sceptical that the OPDA could achieve this, HSBC is the third big lender to sign up following most recently Nationwide and before that, Lloyds Bank.

This means some 40% of all property purchases now involve banks that have joined the OPDA initiative which, despite some seeing it as being very technical, does have tangible benefits for agents.

Those using its data standards for digital property packs have seen time reduced from mortgage offer to exchange of contracts to within 15 days.

Significant step

“Joining the OPDA is a significant step for us to help play a part in further improving the home buying process,” says Oli O’Donoghue MBE, Head of Mortgages at HSBC UK.

“This move aligns with our commitment to putting our customers first by enhancing their experience of buying a home through greater transparency, while giving customers greater control.

“Our membership will also allow us to contribute to the development of digital services – which is a key strategic priority for us as a ‘digital first’ bank.”

Maria Harris, Chair of OPDA (main image), says: “To have HSBC UK join us further reinforces how vital open data standards are in digitising property transactions and the commitment from industry to make this happen.

“Over 40% of UK mortgage customers are supported every year by our lending members who have some of the deepest and long-standing relationships with distribution and technology providers.”