Fintech provider PEXA has launched something called Future Property Transactions Group.
It aims to bring together market participants to accelerate the transformation and improvement of the chronically slow home buying and selling process.
Using Yorkshire as a pilot area, the group aims to drive collaboration between major players in the property market such as Leeds Building Society, Legal & General, West Yorkshire Combined Authority, Mortgage Advice Bureau and Arch Law, as well as Open Property Data Association (OPDA), to help make the real estate transaction process more efficient and smoother for everyone.
The group says it will “leverage the region’s key strengths in the financial, legal and real estate sectors to showcase the benefits of widespread and effective collaboration at all levels.” The integration of data and technology that this can bring will result in increased efficiency, significant time and cost savings, improved customer experience and reduced risk of fraud.
Richard Fearon, chief executive of Leeds Building Society, said: “In Leeds, our aim is to put home ownership within reach of more people, generation after generation. We achieve this of course through our mortgages and tackling structural injustice within the property market, but also by making it as easy as possible to buy a home. We welcome the launch of this group and look forward to working closely with others to create a faster and simpler process that our members can benefit from.
And Maria Harris, president of the Open Property Data Association, comments: “Collaboration and communication between all parties is clearly essential to making this a reality, and the Group will facilitate this perfectly. We are pleased to be working hand in hand with PEXA on this initiative, with the evidence from the pilot in West Yorkshire likely to go a long way towards change nationally too.
Following the inaugural meeting, the group will meet again over the coming weeks, with additional organizations expected to participate as the initiative grows.