Six new memberes have joined PEXA’s Future Property Transaction Group in the past three months.
Since its launch in October 2024, the group has grown by 50%, with new additions including Skipton Group, finova, Armalytix, MQube and Holden Smith.
The fourth meeting was attended by 13 organisations including lenders, conveyancers and mortgage brokers, estate agents, technology providers and regulators.
Discussions focused on three key goals: streamlining the process for proving the source of funds, providing better upfront information on leasehold properties, and enhancing consumer education to manage expectations.
The group plans to address these priorities through a program of actions and ongoing meetings, aiming to publish a progress report later in the year.
The diverse group includes stakeholders such as Mortgage Advice Bureau, Legal & General, Arch Law, and the Open Property Data Association (OPDA).
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.”
Pepper added: “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 of the OPDA, said: “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.”
Harris added: “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.”
