PEXA, the digital property exchange platform, has announced that the Future Property Transaction Group, its market-wide initiative launched in a bid to improve the property transaction process through collaboration, has six new members who have joined in the last three months.
Since its launch in October 2024, the Group has grown by 50% and has welcomed new property market stakeholders, including Skipton Group, finova, Armalytix, MQube and Holden Smith.
The fourth meeting, held last week, was attended by 13 organisations including representatives from lenders, conveyancers and mortgage brokers as well as estate agents, technology providers and regulators. Discussions were centred around the next steps required to reach its overall goals in three priority areas:
+ Making the process of proving source of funds more efficient across property transactions;
+ Providing enhanced upfront information on leasehold properties, a source of particular delays;
+ Improving consumer education on the property transaction process and better managing expectations.
The priorities will now be tackled via a programme of actions and ongoing update meetings, with the Group publishing a progress report later this year to showcase the data and insights collected.
Made up of a diverse group of industry stakeholders, participants to date have included Mortgage Advice Bureau, Legal & General, Arch Law and Open Property Data Association (OPDA). In total, the Group has welcomed three of the UK’s top five building societies as well as two of the top five conveyancers in West Yorkshire – the area which the Group is initially leveraging as a proof point for property transaction improvements given its key strengths across the financial, legal and property sectors.
Joe Pepper, UK CEO of PEXA, said: “The fact that so many key players in the property market want to help PEXA drive this initiative forward and deliver real progress is a testament to all our commitment to driving better consumer outcomes. The growth of the group in just a few months and the establishment of three clear objectives that we can measure and deliver against are fantastic first milestones to reach, indicating that we are setting the stage for a streamlined home buying and selling experience. As a united front, we are shaping a future where every stakeholder reaps the benefits of a truly integrated and innovative property transaction process.”
Maria Harris, chair, Open Property Data Association, commented: “The government’s plans to modernise the home buying and mortgage transaction will enhance customer access, control, and sharing of smart and trustable digital data; everything OPDA has been asking for to reform the homebuying process. Industry collaborations and real-life testing of this such as FPT Group’s regional approach is bringing together a diverse group of stakeholders and will deliver valuable proof points to support national change.
“While the legislation and policy must be government led, it will be the adoption by the industry that will deliver more effective ways of working, ultimately benefiting the financial and legal sectors and transforming the experience for consumers.”
Read the orginal article: https://propertyindustryeye.com/future-property-transaction-group-announces-six-new-members/
