The Future Property Transaction Group, an initiative launched by payment and settlement fintech PEXA has announced a further six organisations have joined it membership.
Focused around PEXA’s Head Office in West Yorkshire, the group seeks to create greater collaboration between property market stakeholders and initially welcoming Leeds Building Society, Legal & General, West Yorkshire Combined Authority, Mortgage Advice Bureau, and Arch Law, and the Open Property Data Association (OPDA).
With the addition of Skipton Group, finova, Armalytix, MQube and Holden Smith the Group has grown by 50% since launching in October 2024 and now includes three of the UK’s top five building societies as well as two of the top five conveyancers in West Yorkshire. PEXA adds it is leveraging the expertise in the region as a ‘proof point for property transaction improvements.’
Following its fourth meeting last week, discussions on next steps around three priority areas
1. Making the process of proving source of funds more efficient across property transactions;
2. Providing enhanced upfront information on leasehold properties, a source of particular delays;
3. Improving consumer education on the property transaction process and better managing expectations.
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, added
“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.”
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.
