UK Finance’s Household Finance Review for Quarter 3 - comment from The Open Property Data Association

06 December 2023

Following the publication today of the UK Finance’s Household Finance Review for Quarter 3 Household Finance Review 2023 Q3.pdf (ukfinance.org.uk) here is a comment for you from The Open Property Data Association.

Maria Harris, chair of The Open Property Data Association, says: "With more mortgage holders rolling off historically low rates and the continued pressure on household spending, having accurate and trustable data about our property has never been more important. Housing transaction volumes rely heavily on consumer confidence so the continued contraction in house purchase lending, and challenges to affordability, look likely to drive further delays in purchase or home moving decisions.

The recent National Trading Standards publication of what constitutes Material Information for property listings will really help with this. Providing clear and verifiable data about the property, including any additional charges, legal restrictions, and energy performance data. will make it easier for potential buyers to know what their new household costs will include and how this could impact on their affordability or buying decision."