Industry organisations collaborate to improve property transaction efficiency in a pilot programme
PEXA has announced the launch of the Future Property Transactions Group, which brings together key stakeholders from the property sector. It is a collaborative effort to streamline the UK’s homebuying and selling process, which has long been criticised for inefficiencies caused by siloed systems.
The group, which includes participants such as Leeds Building Society, Legal & General, the Mortgage Advice Bureau, West Yorkshire Combined Authority, Arch Law, and the Open Property Data Association (OPDA), aims to reduce delays and improve customer experience by creating a more interconnected and efficient property transaction process, a news release noted.
The pilot will initially focus on West Yorkshire, leveraging the region’s strong financial, legal, and property sectors to establish a scalable model that could eventually be adopted nationwide.
Joe Pepper, CEO of PEXA UK, emphasised the significance of this collaboration, stating, “PEXA’s mission is to help address the current issues within the property market. Transactions are often inefficient because of the siloed nature of each stage of the journey. The Future Property Transactions Group supports this aim, and we are excited to see the results it delivers for all.”
Creating a seamless buying and selling process
The group’s first meeting, held during Leeds Digital Festival, highlighted the benefits of integrating data and technology to enhance efficiency, save costs, reduce the risk of fraud, and provide a better experience for consumers.
Whitecap Consulting, a partner in the initiative, will help guide the project, with plans to gather quantitative and qualitative data to demonstrate its success.
Richard Fearon, CEO of Leeds Building Society, highlighted the potential impact of this initiative: “We welcome the launch of this group and look forward to working closely with others to create a quicker and simpler process that our members could benefit from.”
The Future Property Transactions Group will reconvene in the coming weeks, with more participants expected to join as the project progresses.
Maria Harris, chair of the OPDA, shared her optimism, saying, “Collaboration and communication between all parties is clearly key in making this a reality, and the Group will facilitate this perfectly. We are pleased to be working hand in hand with PEXA on this initiative, with the evidence from the pilot in West Yorkshire likely to go a long way in driving change on a national level too.”
PEXA (Property Exchange Australia) is a leading digital property exchange company, listed on the Australian Stock Exchange. Since 2013, PEXA has completed over 16 million property settlements, handling 90% of property transfers in Australia. In 2022, the company expanded into the UK market with its refinancing platform.
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