MPs Rally Support for Open Data Sharing in Property Sector

In a significant move towards modernising the property industry, the concept of open data sharing has garnered unanimous backing during a recent gathering at the Commons, with key figures from the proptech sector and political leaders voicing their support. At the forefront of this initiative is Coadjute, a leading proptech company, which, alongside other technology innovators, MPs, and a minister, has made a strong case for the adoption of open data standards within the property market.

This initiative draws inspiration from similar reforms in the banking industry, aiming to facilitate seamless information exchange between estate agents, conveyancers, and lenders regarding property transactions. The proposed changes are set to revolutionize how data is handled in the sector, making the process more efficient and transparent.

The legislative vehicle driving this transformation is the Data Protection and Digital Information Bill, currently progressing through Parliament with backing from all major political parties. This legislation is poised to establish a new norm for data sharing in property dealings, significantly enhancing the transactional experience for all parties involved.

Coadjute’s CEO, Dan Salmons, and COO, John Reynolds, represented the company at this pivotal meeting as founding members of the Open Data Association. The event, part of the Open Banking Ltd Parliamentary Roadshow, was chaired by Conservative MP John Penrose and featured Business Minister Kevin Hollinrake MP, who before entering politics co-founded the Hunters estate agency chain.

Minister Hollinrake’s endorsement of the bill and the shift towards open data underscores the government’s commitment to this progressive agenda. He remarked on the initiative’s evident benefits, questioning, “It is a no-brainer, who wouldn’t want to see this?”

Echoing this sentiment, Salmons expressed optimism about the bill’s potential to enhance the property market’s efficiency, stating to The Neg, “The Government want to see open data standards applied more widely. It is a no-brainer, who wouldn’t want to see this? I believe that consumers, estate agents, and the wider property market stand to gain a lot from the Data Protection and Digital Information Bill going through Parliament.” He further highlighted Coadjute’s readiness to assist estate agents in leveraging the opportunities presented by new data standards to “improve the speed, accuracy, and security of data as it moves around the property market.”