PEXA has launched the Future Property Transactions Group, aiming to improve the home buying and selling process by bringing together key stakeholders in the industry.
The initiative, which includes Leeds Building Society, Legal & General, Mortgage Advice Bureau, and the Open Property Data Association (OPDA), will initially focus on West Yorkshire.
The group was formed to enhance collaboration in the property market, addressing the inefficiencies caused by siloed processes.
By integrating data and technology, PEXA aims to streamline transactions, reduce costs and time, and improve customer experiences.
The inaugural meeting took place during Leeds Digital Festival, with ambitions to collect data to support a wider rollout across the country.
Joe Pepper, chief executive officer at PEXA UK, said: “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 and, with an overarching view of the process and the proven ability to develop and implement technology to help drive change, we are in a prime position to help bring all stakeholders together and enable better collaboration to ease the issues being faced across the board.
“The launch of the Future Property Transaction Group supports this aim and we are excited to see the results it delivers for all.”
Richard Fearon, chief executive of Leeds Building Society, said: “At Leeds, our purpose is to put homeownership within reach of more people, generation after generation.
“We of course achieve that through our mortgage lending and challenging the structural unfairness within the housing market, but also by making buying a home as easy as possible.
“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.”
Maria Harris, chair of the OPDA, commented: “The Future Property Transaction Group perfectly embodies the aims of the OPDA.
“We set up the Association to enable the open exchange of property-related data to improve the house buying and remortgaging journey.
“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.”
