Pexa’s market-wide initiative Future Property Transaction Group has six new members who have joined in the last three months.
The group has grown by 50% since its launch in October last year and has welcomed new property market stakeholders, including Skipton Group, finova, Armalytix, MQube and Holden Smith.
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.
During the meeting the next steps required to reach its overall goals in three priority areas were discussed.
These included making the process of proving source of funds more efficient across property transactions; providing enhanced upfront information on leasehold properties, a source of particular delays; and iImproving consumer education on the property transaction process and better managing expectations.
The priorities will now be addressed via a programme of actions and ongoing update meetings.
The group says it will publish a progress report later this year to showcase the data and insights collected.
Pexa UK chief executive officer Joe Pepper says: “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.”
Open Property Data Association chair Maria Harris adds: “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.”
