In a new update, the Bank of England has confirmed that CRE is one of two data transformation “use cases” being taken forward to phase two. The Bank considers CRE data to be crucially important, but current data collection is fragmented, burdensome to collect and a poor fit for the Bank’s needs. The update can be seen here.
By way of reminder, the current project is limited to improving the data collection framework for firms within the Bank’s regulatory perimeter (essentially, banks and insurers); any extension towards a data repository that could cover the wider real estate finance market (a proposal originally made in A Vision for Real Estate Finance in the UK, and that we have long felt could be a good thing for the market) remains, for now, firmly on the back burner. Feel free to drop Peter a line with your thoughts.