The latest announcements on smart data systems, the commitment to smart property data, and the evidence points successfully implemented in the Smart Property Data Trust Framework sandbox mark a step change in the way we think about property, risk and the home buying journey.
They support the basics of a safe, fast, transparent housing system; when data flows securely, buyers are in control and lenders can make decisions based on real-time, verified information rather than PDFs and manual input.
Smart-data schemes are the government’s way of expanding what Open Banking started. The law means consumers must be able to provide their data – from location to identity to financial services – to trusted third parties in a secure, standardized way.
The rise of smart data economics is seismic
In mortgages and home buying, this changes. Instead of customers uploading ID or manually entering property information, lenders receive verified, structured data directly from the source. Credit checks are more accurate. The risk of fraud is reduced. Writing is fast and consistent.
There are no more silos
Geographical data has historically been fragmented, inconsistent and siled. All transactions require the same information to be collected over and over — title data, planning history, flood risk, searches, building safety, condition reports and more.
Smart building data changes that by creating a standardized, interactive way to access proven building information at the source. Imagine a world where:
- the seller can determine in advance that the property is mortgage-free and uninsured;
- the creditor can immediately recover the property’s title, occupancy and limitations;
- the evaluator has access to verified building safety and environmental data before visiting the site; again
- the transferee receives a complete digital asset package on the first day.
This is not a concept. That’s what a commodity data scheme enables you to do. The sandbox, where stakeholders collaborate to create and test these goals, is one of the most important developments in our field.
It is the first time the UK has attempted a unified, cross-industry approach to spatial data governance and standards. It’s not just a technical sandbox. Data and technology standards, consent and liability models, permissions and authentication, and an innovation sandbox all together.
This is the time to lean in: explore, collaborate, accept and embrace the future of buying a home.
This means that we can finally solve problems that were ‘too big’ or ‘too complex’ for any one organization or initiative to handle alone.
The sandbox offers:
- a controlled environment for organizations to explore how assets, ownership and financial data can be shared safely and securely;
- a trust framework that sets rules for authentication, security, consent and interoperability;
- a path to accreditation so that data providers and users can operate with confidence; again
- a collaborative space where lenders, brokers, real estate professionals and government agencies can explore real-world use cases.
The rise of smart data economics is seismic. The average home purchase takes 22 weeks, and our latest OPDA consumer survey of over 5,000 home buyers found that each failed purchase wastes three months. An analysis of smart data use cases estimates that streamlining the process would generate £14.1bn of net present value savings and add £2.06bn a year to GDP by 2043.
The sandbox, where stakeholders collaborate to create and test these goals, is one of the most important developments in our field.
With smart data, much of the information gathering can be automated and pre-verified, reducing transaction times dramatically and more than in half. On the front end, validated data reduces friction, improves visibility and helps consumers make better decisions sooner.
Within 15 years, smart location data will deliver £28.7bn of total social value, with £9.81 of economic benefit generated for every £1 spent.
For lenders and brokers the shift to smart data is already happening. With verified identity and location data, many situations work safely, securely and efficiently. Smart building data enables lenders to assess environmental, structural and legal risks with greater accuracy.
Smart-data schemes are the government’s way of expanding what Open Banking started
For years, the mortgage and real estate industry has been talking about digitization, but progress has been slow because the basic data infrastructure has been lacking. Now it is.
This is the time to lean in: explore, collaborate, embrace and embrace the home buying future.
Maria Harris is the chair of the Open Property Data Association
This article appeared in the June 2026 issue of Mortgage Strategy.
If you would like to subscribe to the monthly print or digital magazine, please click here.
