The Open Property Data Association (OPDA) has called on the government to implement a coordinated, long-term housing strategy, stating that the UK property market remains vulnerable to global economic shocks without structural reform.
Maria Harris, chair of the OPDA, said recent geopolitical instability in Iran has demonstrated the market’s sensitivity to international events. Mortgage rates have risen above 5%, with lenders withdrawing hundreds of products and buyer enquiries slowing as economic uncertainty increases.
“Just as the government has recognised the need for long-term energy security, we now need a long-term housing strategy that builds resilience into the system,” Harris said. “Short term interventions can only soften the impact of global events. What we need is a modern, data driven property market that can withstand them.”
Housing supply targets at risk
The Office for Budget Responsibility recently projected that the UK is unlikely to meet its target of building 1.5 million homes by 2030. The OPDA argues that increasing housing supply alone is insufficient without modernising the underlying infrastructure of the property market.
The organisation identifies the UK housing system as outdated and heavily dependent on static documents and manual processes. It states that reform will require coordinated action across three areas: leadership and standards from the OPDA, policy and infrastructure from government, and active adoption by the property sector.
Economic impact of digital infrastructure
A report published by the Department of Trade and Business last week found that Smart Data for homebuying could create £14.1 billion in net social value and contribute £2.06 billion annually to UK GDP by 2043, making it the most economically impactful Smart Data use case across all sectors studied.
“Building more homes is only part of the solution,” Harris said. “Just as energy resilience requires investment in the grid, housing resilience requires investment in the digital infrastructure that underpins the market.”
While the government has positioned Smart Data as part of its industrial strategy, Harris argues that greater urgency is required to strengthen housing market resilience. “Global shocks will continue to test the UK housing market. While these events cannot be controlled, the efficiency and resilience of the property system can be strengthened,” she said.