The Centre for Finance, Innovation and Technology (CFIT) has launched its Roadmap for Open Property, following the completion of the first phase of Open Property Coalition.
Backed by the mortgage industry and funded by the Department for Business and Trade, the coalition is aiming to transform the current “slow and fragmented” homebuying process, signalling the next phase of the UK’s Smart Data initiative.
CFIT revealed that while the UK property market is worth around £380bn a year, the average property transaction takes 120 days to complete, while one in three transactions falls through.
The roadmap outlines 10 core recommendations for Government, regulators and the wider industry, which have been developed in collaboration with coalition partners.
These include evidence-led pilots, which will run in phase two to demonstrate the live use of digital property ID in home-buying, the deployment of a cross-regulator sandbox to test data sharing, and the standardisation of milestone tracking.
Furthermore, the coalition will embed clear consent, transparency and control mechanisms into Smart Data, whilst also establishing a trusted framework to share roles and trust to enable reliable data reuse at scale.
CFIT said the roadmap is for consumers to understand, in plain language, what matters, what is outstanding and what risks exist with clear visibility of where they are in the journey, and what actions are required next.
It also aims to provide real-time completion timelines for buyers and sellers, with the market becoming more predictable, resilient and fraud-resistant.
Minister for digital economy, Baroness Lloyd of Effra CBE, said the UK is at a “pivotal moment” in the evolution of its digital economy and the introduction of Smart Data is the first in a package of interventions delivering this ambition.
She added: “The home-buying process for many in the UK is often too complex, slow, and fragmented. The coalition’s work applying Smart Data principles to this system demonstrates clear appetite from across the sector for a reformed system – one with reduced transaction times, lower costs, and improved transparency for consumers and businesses alike.
“This report is an exciting opportunity for government and others to hear how industry wants to proceed with Smart Data, and gain insight into how thinking in the property sector can inform Smart Data innovation in other sectors as well.
“The coalition’s next phase – focused on prototypes, live testing, and evidence generation – is another chance for collaboration across the sector to grow. We hope to see Phase 2 make a valuable contribution to the evidence informing future policy, supporting adoption, and ensuring that the UK remains a global leader in data-driven innovation.”
Chief executive officer at CFIT, Anna Wallace, concluded: “Open Property demonstrates what becomes possible when government, regulators, and industry align behind shared purposes. This roadmap translates that collaboration into a practical pathway for change. Together with our partners, we are committed to ensuring this transformation delivers real benefits for the millions of people who buy, sell, and move home each year.”
