The Home Buying & Selling Technology Group (HBSG) is releasing version two of the Property Data Trust Framework and updated JSON schema.
These updates build on the original framework, learnings from live beta testing, and provide more comprehensive guidance for open property data sharing.
According to HBSG, 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.
Technology Group chair Maria Harris comments: “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.”