A West Yorkshire working group aims to establish a regional proof point for the nationwide issues with the property market.
The initiative, launched by Pexa, will bring together Leeds Building Society, Legal & General, West Yorkshire Combined Authority, Mortgage Advice Bureau, and Arch Law.
The Future Property Transactions Group aims to establish a regional proof point for a solution to a nationwide problem. It has ambitions to collect the data required to prove the need for a wider, national roll out.
Pexa UK chief executive officer, Joe Pepper, said: “Pexa’s mission is to help address the current issues within the property market. Transactions are often inefficient because of the siloed nature of each stage of the journey and we are in a prime position to help bring all stakeholders together and enable better collaboration to ease the issues being faced across the board.
“The launch of the Future Property Transaction Group supports this aim and we are excited to see the results it delivers for all.”
The group is expected to leverage the region’s key strengths across the financial, legal and property sectors to showcase the benefits of widespread, efficient collaboration across the board.
The data and technology integration this can bring will drive enhanced efficiency, significant cost and time savings, improved customer experience, and a reduced risk of fraud.
Open Property Data Association chair, Maria Harris, said: “We set up the association to enable the open exchange of property related data to improve the house buying and remortgaging journey. Collaboration and communication between all parties is clearly key in 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 in driving change on a national level too.”
tom.dunstan@ft.com
What's your view?
Have your say in the comments section below or email us: ftadviser.newsdesk@ft.com
