The Open Property Data Association (OPDA) has welcomed a new Government report that suggested smart data reforms could improve the homebuying process.

According to the report, published by the Department of Trade and Business, reforms around the way data is collected could generate billions of pounds in economic value and deliver the largest economic gains of any smart data initiative assessed.

The report, Understanding the Costs and Benefits of Smart Data Use Cases, stated that smart data for homebuying could create £14.1bn in net social value and contribute £2.06bn annually to UK GDP by 2043.

Overall, the report estimated that smart data schemes could deliver £71.2bn in net social value between 2028 and 2043, with homebuying identified as the top priority for implementation.

Chair of the OPDA, Maria Harris, called the findings “compelling evidence” that modernising the homebuying process in the UK is both an “economic necessity and a major national opportunity”.

“This report confirms that smart data in homebuying is one of the highest value digital reforms available to the UK,” Harris said. “By enabling secure, standardised and reusable property data, we can reduce delays, fall throughs and inefficiencies – and unlock billions in economic growth.

“Government now has a clear mandate to prioritise smart data for homebuying. With the right policy support, we can build a faster, more transparent and more resilient property market that benefits consumers and the wider economy.”

The OPDA is also urging the Government to prioritise smart data for homebuying, invest in digital infrastructure and support industry adoption of common data standards.

“Smart data for homebuying is critical for economic growth and improving our national infrastructure,” Harris added. “By working together, we can deliver a homebuying system that is faster, fairer and fit for the future.”

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