A pilot scheme for the National Property Transaction Network (NPTN), an open and secure digital platform developed by legal tech company LMS, achieved a 35% reduction in completion times and a 43% drop in cancellations.
The network connects conveyancers, suppliers, agents and lenders throughout the property transaction process. The pilot tested how cross-industry collaboration and real-time data exchange could eliminate efficiencies and speed up property transactions, using digital sale-ready (DSR) listings.
‘Buyers and sellers reported increased trust, transparency and confidence, with fewer surprises and faster outcomes’, LMS said of the results, which it referred to as ‘staggering’. The firms involved in the pilot, including Connells Group, Peter Alan, TM Group, Moverly and a panel of law firms, also saw an increase of 21% in agent instruction rates.
LMS CEO Nick Chadbourne commented:
“We tested industry theories in a live environment, overcoming challenges and proving that when stakeholders have access to the right information at the right time, the whole process becomes easier and more transparent. And crucially, stakeholders could work how they always have with minimal disruption.”
LMS is now scaling NPTN into a whole-of-market solution and has begun working with new stakeholders to adapt the network to meet industry wide needs and challenges.
Jeanette Coughlan, home conveyancing director at Connells Group, said of the firm’s involvement in the pilot:
“This is not a closed loop network. We are proud to further support NPTN and further onboard across the Connells estate. The pilot results show what’s possible when everyone has access to the same trusted data, and we’re proud of what our team and partners have achieved through true collaboration and engagement.”
