Data Standards Report

The Data Standards Report Spring 2025 represents a critical milestone in the transformation of England and Wales property market towards a more efficient, transparent, and digitally enabled system. This independent research, commissioned by the Digital Property Market Steering Group (DPMSG), provides an evidence-based foundation for driving the adoption of common data standards and ensuring system interoperability across the property sector. 

Why This Report Matters 

The property buying and selling process is undergoing an inevitable, unstoppable transformation. Like the railway system that requires all operators to work on the same gauge for the network to function efficiently, our property market needs common standards to enable seamless transactions. This transformation serves the public interest by moving beyond individual sector benefits to collective progress that will make property transactions simpler, faster, more certain, and less stressful for everyone involved. 

Independent Analysis 

TPX Impact was selected to provide an unbiased, independent perspective on data standards and interoperability challenges, ensuring the findings are not influenced by any single stakeholder’s interests. The research involved extensive consultation with organisations across the property ecosystem, though we acknowledge broader engagement was limited by the three-month research window. 

Key Findings 

The report identifies three critical prerequisites for innovation in the property market: 

Trust: Building confidence through robust identity verification, professional accreditations, and tamperproof information systems, supported by adequate redress mechanisms. 

Incentives: Creating clear pathways for stakeholders to engage with improved processes without financial risk, whilst ensuring benefits are tangible and distributed fairly. 

Digitisation: Moving beyond paper-based processes to enable automation, reduce manual errors, and facilitate transformative innovations including AI enabled systems. 

International Benchmarks 

The research demonstrates that successful property market transformation is achievable, drawing on examples from Norway’s collaborative government industry approach with robust digital identity systems, Australia’s strong legal framework with upfront binding commitments, and Scotland’s high trust environment. The financial sector’s Open Banking initiative provides a domestic model, showing how consolidated governance, adequate funding, and trust frameworks can drive market innovation and competition. 

Current Challenges 

The report identifies significant inefficiencies in the current system, including the involvement of at least eight parties per transaction, generation of 130 documents per average transaction, and widespread duplication of effort. These challenges contribute to brittle transaction chains, late stage fall throughs, and manual processes prone to error and fraud. 

Limitations and Context 

As a snapshot in time, this technical report may not capture the latest developments in this rapidly evolving sector. The research was conducted within a focused timeframe, and we recognise opportunities for broader stakeholder engagement in future work, particularly with providers of data and Local Authorities. 

Next Steps 

DPMSG is committed to supporting Ministry of Housing Communities and Local Governments (MHCLG) pilot project to drive common data standards adoption. The report will serve as a foundation for ongoing consultation through initiatives like Technology Providers roundtables, enabling us to explore current innovations and refine our approach. We will undertake a comprehensive review of related work, including Department for Business and Trade’s Smart Data schemes and Department of Science Innovation and Technology’s (DSIT) Digital Identity initiatives, to identify value adding next steps. 

Transparency and Collaboration 

By publishing this report openly, DPMSG invites widespread discussion and collaboration. Working in the open increases the likelihood of developing standards that achieve broad acceptance and support across the industry. This transparency is essential for building the trust necessary to transform how we buy and sell property. 

The complexity of the property market requires all stakeholders, including government through MHCLG, HM Land Registry and DSIT’s leadership, to work together. This collaborative approach is the only way to address a socioeconomic challenge of this magnitude and deliver the systemic change needed for a more efficient property market. 

This report marks the beginning of a crucial conversation about the future of property transactions. The evidence shows that transformation is not only possible but essential for serving the public interest in a more effective, secure, and accessible property market. 

An open in-person workshop to discuss the findings of the report and collate feedback from the market is planned for 11th September 2025 – You can register your attendance at the following:   DPMSG Technology Providers Roundtable: Consultation on Data Standards Report | Geovation