HSBC UK has partnered with the Open Property Data Association (OPDA) to help improve the homebuying process through the sharing of digital property information across the mortgage market.

HSBC UK follows Nationwide, which announced its membership with OPDA in July, and Lloyds Banking Group which signed up in March.

OPDA has called on the Government to deliver digitised property data at source including HMLR, planning permissions, building safety, and local authority searches, and to provide clarity to the industry on executing a fully digital home buying market.

Head of mortgages at HSBC UK, Oli O’Donoghue, said that joining OPDA is a “significant step” to help play a part in improving the home buying process.

“This move aligns with our commitment to putting our customers first by enhancing their experience of buying a home through greater transparency, while giving customers greater control,” said O’Donoghue.

“We are truly excited to collaborate with other industry leaders and hope this will help drive innovation and improve the digital landscape for all home buyers.”

The first group of its kind, OPDA has already delivered open property data standards and models for shareable data with free and open-source tools created and tested in collaboration across every sector across the property industry.

Those using its data standards for digital property packs have seen time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days.

Chair of OPDA, Maria Harris, added: “To have HSBC UK join us further reinforces how absolutely vital open data standards are in digitising property transactions and the commitment from industry to make this happen.”

“Over 40% of UK mortgage customers are supported every year by our lending members who have some of the deepest and longstanding relationships with distribution and technology providers.

“Their collective ability to reduce the industry’s attachment to forms-based thinking and siloed approaches will have a fundamental impact on improving the poor customer perception of the home buying process.”

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