Nationwide Building Society has followed in the footsteps of Lloyds Banking Group by joining the Open Property Data Association, backing efforts to bring a standardised approach to sharing digital data in the home buying process.
Currently, less than one per cent of property data is openly available in a digital format, says the OPDA. It wants to change this by developing transparent, standardised data sharing practices that would make buying and selling homes faster and simpler.
The same information is sometimes requested as many as five times by different parties, such as lenders, estate agents and solicitors.
Having one version of the data is expected to simplify the process and improve turnaround times, reducing the time between having an offer accepted on a home and the exchange. Shareable and trustable data will also reduce fraud, and prevent transactions falling through, says OPDA.
Nationwide will now join Lloyds to work with the Association as it develops a framework with a common data dictionary, a standardised way to describe property attributes and a methodology for sharing data with trust and provenance.
Rob Stevens, Nationwide’s head of property risk, says: “We wholeheartedly support OPDA’s mission to change the way people buy and sell houses by implementing open data standards, improving technology and security standards and encouraging transparent data sharing across the mortgage and wider property sector. Accurate and trusted data about a property is vital to giving people confidence in the market.”