The Home Buying & Selling Technology Group (HBSG) has announced the release of v2.0 of the Property Data Trust Framework and updated JSON schema.
Launched via its Technology Working Group, these updates build on the success of the original framework, learnings from live beta testing, and provide even more comprehensive guidance for open property data sharing.
HBSG says that one of the biggest challenges facing the home moving industry has been its siloed systems and processes, closed platforms, and inability to share data in a trusted way. The lack of structured data and technology standards has stifled innovation and held the industry back, contributing to a poor customer and user experience – similar to the challenges seen in fintech and current account data before Open Banking.
The Property Data Trust Framework is a set of principles and guidelines that enable property data sharing in an open and transparent manner (like Open Banking but for property data). It sets out the key requirements for data providers, data users, and trust entities to facilitate secure and seamless property data sharing.
The updated version incorporates the new and updated fields in v4.0 of the BASPI (buyer and seller property information), changes to LPE forms, new data fields for search results, as well as the addition of referencing to map digital upfront data directly to other formats such as TA forms. These changes ensure that the framework remains current and relevant in a rapidly evolving digital landscape.
This new version of the schema provides an industry ready, standardised format for property data that ensures consistency and accuracy. By adopting these standards and implementing the data structures in the schema, the framework makes it easier for industry firms, software organisations, and connectivity platforms to collect and share data with confidence.
Maria Harris, chair of the Technology Group, said: “We are excited to release the updated version of the Property Data Trust Framework and JSON Schema which has been made possible through the amazing support and contributions from our volunteer group including Adoor, Coadjute, Moverly, Redbrick Solutions, TM Group, etc.
“We believe that these updates will help organisations navigate the complexities of open property data sharing and promote greater transparency and innovation in the property industry.”
“We are committed to helping improve the home-buying experience for consumers and others involved in the conveyancing process. It needs to be less unpredictable to reduce time scales and to make it as stress-free as possible,” said Law Society of England and Wales President Lubna Shuja.
“There is no silver bullet. However, one way to improve the process is to provide consumers with information about the buying process and key information about a property at the very beginning of their search for a home. Part of the work to achieve this is already at an advanced stage, and this should help consumers understand what they are buying and lead to a reduction in sales falling through.”
Kieran Witt, Kotini CEO, added: “A trust-based and open property ecosystem, like the Property Data Trust Framework is creating, is one of the ways property transactions will become more efficient and less stressful for the end consumer. Version 2 is yet another step forward, and we’re proud to be supporting this innovation and its continual development.”
