Our response reflects the views of members across the banking and finance industry on the potential for Smart Data to support a faster, more transparent, and more efficient homebuying process.

Members support the development of a well-designed homebuying Smart Data scheme that can reduce duplication, improve data quality, and deliver better outcomes for consumers.

However, our response also makes clear that success will depend on strong foundations: clear legal gateways, binding data standards, robust governance, effective consumer protections, and proportionate implementation across firms of different sizes and operating models.

We highlight the clear opportunity to build shared, trusted market infrastructure for identity, consent, and data exchange across the property ecosystem.

We also emphasise the importance of addressing data quality, liability, interoperability, and cost allocation from the outset, so that the benefits of Smart Data can be realised across lenders, brokers, conveyancers, valuers, technology providers, and consumers.