Following a successful pilot since its initial launch in September 2024, LMS has launched the National Property Transaction Network (NPTN) in full, to help create a quicker housing transaction journey.
During the pilot, LMS gained insights from live data, seeing how people engage and work with the transaction network.
This resulted in the firm opened up its existing network in which the pilot is based, enabling more organisations to access it.
Regardless of organisation size or the platforms they use, any invested stakeholder in the conveyancing journey can now access the network.
LMS enables accessibility via an open-loop platform, NPTN.
The firm said it believes that sharing data within a trusted ecosystem, while enabling agnostic access, would be key to propelling the homebuying and selling industry forward.
Having access to reliable and shareable data means that stakeholders can make decisions earlier in the process, contributing to a more efficient homebuying and selling journey.
For the customer, NPTN provides a single access point that reduces duplication.
As the data is authenticated and shared with all stakeholders throughout the process, a customer should only have to provide their data once, at the start of the journey.
LMS said that providing universal trusted access has been a challenge within the industry, due to a lack of universal standards.
However, it noted that following the work of the Open Property Data Association (OPDA) and Property Data Trust Framework (PDTF), there has been significant development in this area.
The PDTF is a framework which allows data to be standardised, provenanced and shared across all stakeholders.
LMS has worked with the OPDA to implement this framework so that it can learn how to reuse and distribute data in this secure and effective way.
A key feature of NPTN is The Sandbox, a virtual testing environment designed to drive innovation and collaboration.
NPTN’s Sandbox aims to provide startups, innovators, and established players with a space to collaborate, experiment, and refine their ideas in a controlled environment.
The Sandbox also aims to bring together stakeholders to enable cross-industry partnerships, addressing real-world challenges in property transactions.
Travis Scholes, commercial director at LMS, said: “The expansion of LMS’s ecosystem and its shared learnings is an opportunity for many industry professionals to influence and shape the home-buying and selling journey.
“So, whether you’re an estate agent, law firm, lender, vendor or part of the broker community, LMS encourages you to reach out and get involved.”
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