PEXA has announced six new members to join its Future Property Transaction (FPT) Group as it continues its mission to accelerate property transactions.

Since the initiative’s launch in October 2024, the Group has grown by 50% and has now welcomed new property market stakeholders, including Skipton Group, finova, Armalytix, MQube and Holden Smith.

Other participants to date have included Mortgage Advice Bureau, Legal & General, Arch Law and Open Property Data Association (OPDA) as well as three of the UK’s top five building societies.

The fourth meeting, held last week, was attended by 13 organisations including representatives from lenders, conveyancers and mortgage brokers as well as estate agents, technology providers and regulators.

Discussions were centred around making the process of proving source of funds more efficient across property transactions; providing enhanced upfront information on leasehold properties, and improving consumer education on the property transaction process.

Progress a priority

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.

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.”

Maria Harris, Chair, Open Property Data Association: “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.”

Joe Pepper, UK CEO of PEXA, commented: “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.”

“As a united front, we are shaping a future where every stakeholder reaps the benefits of a truly integrated and innovative property transaction process,” he added.