Movemnt has joined the Open Property Data Association (OPDA) to support its mission to speed up home buying by sharing digital property information.
Movemnt is the latest of several organisations to join OPDA this year.
These include lenders such as NatWest Group, HSBC and Nationwide, which joined recently, and Lloyds Banking Group (LBG), which joined in March.
Other members include Atom Bank, Pexa, and Coadjute.
Since it launched last year, OPDA has delivered open property data standards and models for shareable data.
The free and open-source tools have been created and tested in collaboration across parts of the property industry.
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Reduced purchasing time
Those using its data standards for digital property packs have seen time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days.
OPDA is now calling on the government to deliver digitised property data at source.
It is also asking for more clarity for the industry on executing a fully digital home buying market.
Surveying homebuyers
This month, OPDA revealed it is asking buyers what they think should be done to improve home buying.
It has issued a survey via its member firms to thousands of existing and potential homebuyers. To participate in the survey, follow the link here.
Homebuyers and sellers will be asked how they feel about the current process, how it can be improved, what they know about digital property information and how comfortable they would be using and sharing data.
It takes an average of 22 weeks for borrowers to reach completion on their home purchase, according to Rightmove.
The OPDA says this is caused by a process that is reliant on paper, duplication, multiple signatures and manual checks.
OPDA says by using its data standards for digital property packs, it has seen the turnaround time reduced from mortgage offer and purchase accepted to exchange within 15 days.
Movemnt will be joining OPDA’s working groups, focusing on standardising property data.
Open data standards
Maria Harris, chair of OPDA, said: “Movemnt very much reflects our values at OPDA and its work is clearly complementary.
“It recognises the importance of open data standards in digitising property transactions.
“We aim to transform what is currently a poor customer experience of the home buying process.”
Owen Rogers, director of product at Movemnt, said: “OPDA aligns closely with our own ambition at Movemnt to speed up the property purchasing journey.
“Our membership is an important part of our commitment to improving all parts of home buying for all stakeholders, including estate agents, conveyancers and consumers.
“We’re looking forward to collaborating with OPDA to help build the digital standard for property transactions.”
