Open Property Data Association signs up Lloyds Banking Group

UK lender Lloyds Banking Group has joined the Open Property Data Association (OPDA) which aims to implement Open Data standards in the homebuying and selling process.

According to the OPDA, less than 1% of property data is openly available in a digital format.

Its intention is that every company in the mortgage and property chain will share Open Data in a digital, standardised and, ultimately, trusted format.

Removing the need for manual processes and friction will reduce fraud, prevent transaction “fall throughs” and may mean that buyers and sellers can exchange contracts in as little as 15 days.

As a member of the OPDA, Lloyds Banking Group will support the trade association in making data sharing “the norm” across the property sector, and will take the lead on raising consumer awareness and understanding of digital property data.

Members of the banking group’s leadership, technology, and data teams will work alongside OPDA’s executive committee, which comprises 15 industry leaders, technology innovators, and organisations.

The bank will also implement and drive adoption, through its mortgage lending brands and industry partners, of the OPDA’s latest framework for property data standards which offers a standardised set of data and governance principles, including a “common data dictionary”, and a methodology for sharing data with trust and provenance.

The framework is available for free to the property industry, including to estate agents, lawyers, lenders and brokers.

Claire Cherrington, head of strategic and technology partnerships at Lloyds Bank Group, said: “We wholeheartedly support OPDA’s mission to change the way people buy and sell houses by implementing Open Data standards and encouraging transparent data sharing across the mortgage and wider property sector.”

She added: “At LBG we are passionate about driving technology adoption and I am particularly excited about how shareable data can improve mortgage lending and create a safer, more trusted experience for customers.

“Property buying and selling needs to become much easier and quicker.”

Maria Harris, chair of OPDA, said: “Lloyds Banking Group joining us is a momentous step forward for Open Data sharing and a huge endorsement of our mission.

“Having such a trusted high street name as an OPDA member is fantastic; it will help us get the message across to the consumer that Open Data standards are fundamental to digitising property transactions and that we can deliver a better experience for everyone.”

Further reading: Can the UK embrace Smart Data as the US plays catch up?