Raidiam, a global leader in secure open data ecosystems, has partnered with the Open Property Data Association (OPDA) and the Council for Licensed Conveyancers (CLC) to launch a new proof of concept for the UK’s first Property Data Trust Framework. This government-backed Smart Data initiative applies the proven principles of Open Banking to the property sector for the first time, with the goal of reducing the time, cost, and risk involved in property transactions by up to two-thirds.
Raidiam, the firm behind the trust framework infrastructure that already powers secure data-sharing for more than 1,000 financial institutions worldwide, will lead the technical development and sandbox testing. The goal is to demonstrate how secure, consent-based API-based data sharing can create a connected, interoperable property ecosystem by unifying data from key bodies such as HM Land Registry and local authorities.
Unifying fragmented workflows
The lack of unified standards and fragmented data sources have long held back the homebuying and selling process in the UK, contributing to around one in three transactions falling through. The new framework directly addresses this by creating a single, trusted source for all necessary data, enabled by Raidiam’s expertise in building secure digital data bridges.
The CLC successfully secured a grant from the government’s Regulators’ Pioneer Fund to support the 12-month project. The initiative is supported by the Digital Property Market Steering Group and is designed to set an open standard that underpins interoperability across the property market.
Barry O’Donohoe, chief executive officer and co-founder at Raidiam, confirmed that technology is the catalyst for this progress. “Homebuying in the UK remains far too manual and fragmented. Together with the OPDA and CLC, we’re proving how secure, consented data sharing – enabled by the Property Data Trust Framework – can make the process faster, safer, and more transparent, creating tangible value for everyone involved,” O’Donohoe said.
Setting the blueprint for cross-sector smart data
The partnership is seen as a crucial step toward establishing a blueprint for future cross-sector Smart Data schemes beyond financial services. By combining regulatory leadership with industry collaboration, the project is positioning the property sector for a major digital transformation.
Maria Harris, chair of the Open Property Data Association, commented that working with Raidiam allows them to unite every participant in the housing market, from regulators to lenders, within a shared governance ecosystem. She stressed that Raidiam’s infrastructure gives property the same interoperability and trust that Open Banking brought to financial services.
Sheila Kumar, chief executive of the CLC, explained the potential impact on consumer experience. “Like Open Banking, this project has the potential to deliver the blueprint for a seamless, efficient and truly transparent experience for consumers and with experts such as Raidiam and the OPDA working together, I have no doubt that it will,” Kumar added. The published insights and recommendations from the project are also designed to guide Smart Data adoption across the wider UK economy.
