The Future Property Transaction Group has added six members to its collective in the last three months, according to Pexa.
The new members of the Future Property Transaction Group include Skipton Group, Finova, Armalytix, MQube and Holden Smith, along with a leading building society that asked not to be named.
The market-wide initiative launched in October 2024 with Leeds Building Society, Legal & General (L&G), West Yorkshire Combined Authority, Mortgage Advice Bureau (MAB), and Arch Law, as well as the Open Property Data Association (OPDA).
It aims to improve the property transaction process by making it more efficient and seamless for all.
The priorities include making the process of proving source of funds more efficient across property transactions, offering enhanced upfront information on leasehold properties and improving consumer education and managing expectations on the property transaction process.
These will be tackled through a “programme of actions and ongoing update meetings” and the group will publish a progress report later this year.
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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. 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 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 home buying 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 benefitting the financial and legal sectors and transforming the experience for consumers.”
