The aim of the database is to give banking and financial services organisations a complete overview about the financial circumstances of new and existing customers.
It uses a combination of estate agent information, surveyor data and land registry records to provide accurate, up-to-date property valuations and details of property type.
The data can be used in a number of ways by banking and financial services organisations including insurance companies using it to help pre-populate application forms, speeding up the quotation process and lenders using it to better understand an individual’s assets, helping to assess risk and manage customers according to their individual circumstances.
Experian’s latest NPD data reveals differentiations between both the valuation and types of housing in London compared to the rest of the UK.
The data shows that London property prices are on average between 40% and 70% higher than elsewhere in the country with mid-terraces valued 66% higher than the rest of the UK.
The data also shows that 45% of all private properties in London are flats whereas in the rest of the UK flats only make up 12% of the housing stock.
Jonathan Westley, managing director of consumer information services for Experian UK&I, said: “As the only dataset of its kind available that covers 100% of the privately-owned UK property market the NPD will come as a welcome development.
"In today’s environment it is increasingly important to have a complete picture about new and existing customers in order to make more informed decisions across the full customer lifecycle.
"Across the board the comprehensive and accurate housing data accessed through the database gives clients a greater insight into their customer base and enables them to make more effective and better advised decisions to drive marketing and business performance.”
Experian has developed the NPD in partnership with long-term partner RightMove, the UK’s largest property portal.
