CFIT Launches Next Phase of Open Property Coalition to Digitalise UK Homebuying

The Centre for Finance, Innovation and Technology (CFIT) has launched the next phase of its Open Property Coalition, transitioning from strategic roadmaps to live testing of digital property data. This move signals a critical shift for fintechs and lenders seeking to standardise the UK’s fragmented homebuying process through interoperable Smart Data and real-world use cases.

What was announced

Following the publication of the Open Property Roadmap earlier this year, CFIT is moving the Coalition from the recommendation phase into practical testing. The objective is to accelerate the development of a more digital, connected, and efficient property market by exploring how existing standards and systems can work together in a live environment. Over the coming months, Coalition members will develop and test real-world use cases to identify the practical requirements for wider adoption across the property ecosystem.

The programme aims to connect the entire homebuying chain, from initial search to final settlement. Key participants from the banking sector include HSBC UK, Lloyds Banking Group, and NatWest, while the technology and infrastructure side is represented by LMS, OneID, PEXA, and TM Group. Professional and standards bodies such as the Conveyancing Information Executive (CIE), the Council of Property Search Organisations (COPSO), and Groundsure are also integrated into the testing phase, alongside the estate agency services of Connells Group.

Crucially, the initiative is being monitored and supported by several key government bodies. The Department for Business, Innovation, Science and Technology, the Ministry of Housing, Communities and Local Government, and HM Land Registry will all be observing the Coalition’s progress. The evidence generated by these real-world use cases is intended to inform the broader work of the Digital Property Market Steering Group (DPMSG), ensuring that the practical requirements for a more trusted and interoperable property ecosystem are identified and addressed.

"The breadth of industry support for the next phase of CFIT's Open Property Coalition is a significant step forward. Today’s announcement reflects growing alignment between industry, government and the Digital Property Market Steering Group on what needs to change, and we now have a real opportunity to turn our ambition to create a digital and more efficient homebuying process into reality."

Anna Wallace, CEO of CFIT.

The companies involved

The Centre for Finance, Innovation and Technology (CFIT) is an industry body focused on accelerating the UK fintech sector through coalition-building and research. It has previously led initiatives involving major retail banks like NatWest and HSBC UK. The Digital Property Market Steering Group (DPMSG) is a collaborative entity that works alongside government departments, including HM Land Registry and the Ministry of Housing, Communities and Local Government, to modernise the property sector.

The coalition includes major financial institutions such as Lloyds Banking Group and HSBC UK, alongside property services firms like Connells Group. Technology and data infrastructure are represented by participants such as LMS, a property technology provider, and PEXA, which focuses on digital property settlements. Other specialist members include the Conveyancing Information Executive (CIE) and the Council of Property Search Organisations (COPSO), representing the professional standards and search sectors of the homebuying ecosystem.

What FF News has reported before

CFIT has a history of convening major financial institutions for systemic change; FF News previously covered how NatWest, Nationwide and HSBC UK Join CFIT Coalition to Revolutionize Financial Inclusion. The drive for digital standards in the housing market is a recurring theme, as seen when the OPDA Urged the Property Sector to Embrace Digital Home Buying Standards Now. Furthermore, the DPMSG Launches Smart Property Data Video to Streamline UK Home Buying highlighted the ongoing effort to demystify these technical changes for the general public and industry stakeholders alike.

What this means

The transition from a roadmap to practical testing marks a pivotal moment for the UK property market. For years, the "broken" homebuying process has been a target for fintech disruption, yet progress has been stymied by the lack of a unified data standard. By bringing lenders, tech providers, and government departments to the same table, CFIT is attempting to solve the coordination problem that has plagued previous digitisation efforts. The real pressure now falls on legacy service providers; if these pilot cases prove that digital interoperability significantly reduces transaction times, firms still relying on manual, paper-based workflows will face an existential threat from more agile, data-driven competitors.