Revolutionizing Home Buying: A Collaborative Effort in West Yorkshire
New digital initiative launched to tackle home buying delays
The Future Property Transactions Group has been established to address delays in the home buying process by fostering collaboration among various stakeholders. The group includes Pexa, a fintech company specializing in digital property exchanges, as well as Leeds Building Society, Legal & General (L&G), West Yorkshire Combined Authority, Mortgage Advice Bureau (MAB), Arch Law, and the Open Property Data Association (OPDA). The group s primary goal is to streamline the property transaction process, making it more efficient and seamless for all parties involved. The group s initial focus will be on West Yorkshire, and its inaugural meeting will take place during the Leeds Digital Festival. Richard Fearon, chief executive of Leeds Building Society, emphasized the importance of making homeownership more accessible and easier to achieve. The group aims to achieve cost savings, improve customer experience, and reduce the risk of fraud. It plans to develop a regional solution that could be implemented nationwide. Pexa s chief executive, Joe Pepper, highlighted the group s potential to address inefficiencies in the property market by promoting better collaboration and utilizing technology. Maria Harris, chair of the OPDA, also stressed the importance of collaboration and communication in achieving the group s goals. The Future Property Transaction Group will continue to convene and expand its membership as the initiative gains momentum. The pilot program in West Yorkshire is expected to provide valuable insights for potential nationwide implementation.
Source: mortgagesolutions.co.uk
Published on 2024-10-01
Pexa forms working group to speed up West Yorkshire transactions – Mortgage Strategy
Pexa has initiated the Future Property Transactions Group, a collaborative effort involving lenders, brokers, law firms, and other entities, to streamline and enhance the property transaction process. The group, which includes Leeds Building Society, Legal & General, West Yorkshire Combined Authority, Mortgage Advice Bureau, Arch Law, and the Open Property Data Association, aims to pilot its initiatives in West Yorkshire. The goal is to leverage the region s strengths in the financial, legal, and property sectors to demonstrate the advantages of efficient collaboration. The integration of data and technology is expected to result in improved efficiency, significant cost and time savings, enhanced customer experience, and reduced fraud risk. This regional pilot will serve as a proof point for a potential nationwide solution. Leeds Building Society s CEO, Richard Fearon, emphasizes the organization s commitment to making homeownership more accessible and simplifying the home-buying process. Pexa UK s CEO, Joe Pepper, highlights the inefficiencies caused by the fragmented nature of property transactions and the group s ability to foster better collaboration among stakeholders. The Future Property Transactions Group aims to collect both quantitative and qualitative data to support a broader, countrywide implementation of their solution, addressing a national issue and potentially transforming the property transaction landscape.
Source: mortgagestrategy.co.uk
Published on 2024-10-01