Major mortgage lender NatWest Group has joined the Open Property Data Association (OPDA), after HSBC joined last month, Nationwide in July and Lloyds Banking Group in March.
The OPDA is calling for the sharing of digital property information across the mortgage market, in an effort to speed up and streamline the homebuying process, which currently takes 22 weeks to reach completion in the UK.
According to the Association, less than 1% of property information is available digitally.
The OPDA is requesting that the UK government deliver digitised property data at source, including information from the Land Registry, planning permissions, building safety, and local authority searches. It is also asking for more clarity for the industry on executing a fully-digital homebuying market.
“Speeding up the homebuying journey and making it a simpler, clearer and more customer-focused process is core to what we’re trying to achieve as a bank,” said Brad Fordham, head of mortgage distribution at NatWest.
“Joining OPDA is an important signal of our commitment to driving up standards of transparency and collaboration across all parts of the homebuying journey and we look forward to seeing that continue to improve.”
OPDA has developed open property data standards and models for “trustable and shareable” data, with these available as free and open source tools.
Those already using the data standards for digital property packs have reported a reduction in time taken between mortgage offer and purchase being accepted, to exchange of contracts, to within 15 days.
Maria Harris, chair of OPDA, said: “To have NatWest Group join us so soon after other large mortgage lenders is a key moment, not just for us at OPDA, but also for the homebuying sector.
“NatWest’s support reinforces how absolutely vital Open Data standards are in digitising property transactions and the commitment from industry to make this happen.”
Harris added: “Together, NatWest and our other lending members’ ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer experience of the homebuying process.”
Other members of the association include Atom Bank, proptech Coadjute and PEXA.
Earlier this year, Lloyds Banking Group, Nationwide and NatWest, along with property website Rightmove, made a strategic investment in Coadjute, which aims to shake up the property market with its data network.
Further reading: Labour introduces Smart Data Bill in King’s Speech
