The Council of Property Search Organisations (CoPSO) and the Open Property Data Association (OPDA) have pledged to work together to promote open property data to improve the homebuying and selling process.

CoPSO and OPDA have signed a Memorandum of Understanding (MoU) that recognises an overlap in both organisations’ membership and objectives. The MoU, which exists in perpetuity, provides for regular meetings, and through engagement with both memberships, delivering collective goals for the benefit of the industry.

Both OPDA and CoPSO will promote the benefits of each other’s organisations and also appoint non-voting representatives to sit on each other’s committees, as appropriate.

Christian Lister, CoPSO Board Member, commented: “The future of open property data is an essential element of progressing the reform of the home buying and selling process. It makes complete sense that CoPSO and OPDA work together to optimise the potential of digitisation for the benefit of property buyers and sellers and the members of both CoPSO and OPDA. We look forward to working closely with Maria Harris and OPDA members to progress the excellent work that the association has undertaken.”

Maria Harris, chair of OPDA, said: “CoPSO has represented, and set recognised standards, for search providers and their expanding electronic propositions for over 20 years. Collaborating with them aligns brilliantly with our own work. As we move to a world of open digital property data, engaging with those companies that provide vital information to property purchasers and their lawyers, day in day out, is essential to delivering the best digital future for the buying and selling process.”

Since it launched last year, OPDA has delivered open property data standards and models for trustable and shareable data. The free and open-source tools have been created and tested in collaboration with every sector across the property industry. Those using OPDA’s data standards for digital property packs have seen the time reduced from mortgage offer and purchase accepted to exchange of contracts within 15 days. OPDA members include major mortgage lenders NatWest Group, HSBC, Nationwide and Lloyds Banking Group.

OPDA is calling on the government to deliver digitised property data at source. It’s also asking for more clarity from the industry on executing a fully digital homebuying market.