In a pioneering move, the renowned conveyancing technology leader PEXA has introduced an initiative in West Yorkshire, aiming to transform the home-buying and selling process through collaboration.
PEXA’s initiative seeks to tackle inefficiencies in the conveyancing process by uniting a diverse group of stakeholders under the banner of the Future Property Transactions Group (FPTG). This group comprises fifteen firms, including key players such as law firms, estate agents, lenders including Leeds Building Society and Legal & General, and organisations like the Mortgage Advice Bureau and the Open Property Data Association.
The initiative was unveiled at the Leeds Digital Festival, with plans to report on its outcomes at the next year’s event. Simon Wright, PEXA’s UK Chief Operating Officer, emphasised the potential of “true collaboration” to resolve the industry’s prevalent inefficiencies. He underscored the pressing need for change in a property transaction process long criticised for its sluggishness and complexity.
Wright stated that Yorkshire possesses both the ambition and the expertise required to spearhead this transformation, thanks to its strong foundation in technology and professional services. He noted that a regional focus allows for tighter control over the outcomes, contrasting it with the challenges faced by broader national initiatives.
The collaboration within FPTG reflects a strategic selection of organisations, described by Wright as comprising “the right people around the table”. This approach is intended to design a process that prioritises efficiency and better consumer outcomes, without pre-set notions of what solutions might emerge.
Despite the presence of a government-backed Home Buying and Selling Council, the initiative underscores Yorkshire’s unique position to lead in innovation. Wright articulated his vision of measuring improvements through selected transactions, with a focus on documenting impacts and refining the process based on tangible results.
This initiative marks a significant step towards reforming the UK’s residential property market, leveraging Yorkshire’s vibrant ecosystem to push for innovative solutions.
