PEXA says it wants to rollout its digital property exchange process across the property sales market to meet what it says is growing appetite among stakeholders for its technology as the industry looks to drive efficiencies and better support lenders and conveyancers.
The company says it has processed £100m worth of UK remortgage transactions through its platform, owing in part to the speed that it can process transactions.
PEXA says that its technology has already demonstrated its ability to help complete complicated buy-to-let remortgages at least ten days faster than without the technology, including a case which was completed in just 36 working hours. This is a significant improvement from the typical four to eight weeks borrowers usually wait for the process to finalise, highlighting the speed and efficiency of the platform.
PEXA has also launched the Future Property Transactions Group, a pilot initiative that brings together industry stakeholders to drive progress towards more streamlined property transactions for all players in the ecosystem. The group’s been engaged with a number of regionally based organisations including mortgage lenders, conveyancers, mortgage brokers and estate agents as well as regulators, regional government and industry bodies. It is a further demonstration of PEXA’s commitment to collaboration in finding solutions that improve the remortgage and home buying and selling process.
Having focussed on the remortgage process this year, PEXA’s sale and purchase proposition is currently in development, and is planned to roll out later in 2025.
Joe Pepper, UK chief executive officer of PEXA, said: “Reaching £100m in transactions in the UK is a watershed moment for PEXA, signalling a new era for the market. But we don’t stop here! Our mission is to keep driving the digital transformation that the industry desperately needs to better support conveyancers and lenders, and we can only do that in partnership with key players. With major banks on board and as we gear up for our planned sale and purchase launch in 2025, we are primed to streamline the property transaction process for the whole market.”
Read the orginal article: https://propertyindustryeye.com/pexa-seeks-to-rollout-its-digital-exchange-platform-to-sales-market-after-hitting-100m-milestone/
