Lloyds Banking Group has joined the Open Property Data Association (OPDA), 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.
Lloyds will 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.
Claire Cherrington, head, strategic and technology partnerships, Lloyds, says: "We are right behind OPDA in their mission to change the way people buy and sell houses by implementing open data standards and encouraging transparent data sharing across the residential property sector."