HSBC is the latest UK high street bank to join the Open Property Data Association, backing efforts to bring a standardised approach to sharing digital data in the home buying process.
HSBC joins Nationwide and Lloyds in backing the association, which is working to develop transparent, standardised data sharing practices that would make buying and selling homes faster and simpler.
OPDA has already delivered open property data standards and models for trustable and shareable data with free and open-source tools created and tested in collaboration across every sector across the property industry.
The group says that 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.
Now it is calling on the government to deliver digitised property data at source including HMLR, planning permissions, building safety, and local authority searches as promised in 2018, and to provide clarity to the industry on executing a fully digital home buying market.
Oli O’Donoghue, head, mortgages, HSBC UK, says: “This move aligns with our commitment to putting our customers first by enhancing their experience of buying a home through greater transparency, while giving customers greater control."
Maria Harris, chair, OPDA, adds: “To have HSBC UK join us further reinforces how absolutely vital open data standards are in digitising property transactions and the commitment from industry to make this happen. Over 40% of UK mortgage customers are supported every year by our lending members who have some of the deepest and long-standing relationships with distribution and technology providers.
"Their collective ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer perception of the home buying process."