Lloyds Banking Group, Connells Group and LMS have launched a fully digital homebuying service aimed at speeding up transactions and reducing fall-throughs across England and Wales.
The platform is designed to address longstanding inefficiencies in the homebuying process, which currently takes around five months on average and sees roughly one in four transactions collapse before completion.
The initiative introduces a joined-up, end-to-end digital journey that captures and shares key information earlier in the process, reducing duplication and improving transparency between agents, lenders and conveyancers.
It forms the first phase of a wider network designed to connect all parties involved in a property transaction, with the aim of creating a faster, more reliable system built on shared data standards.
LIVING NIGHTMARE
Steve Reed, Housing Secretary, says: “Too many people who have bought or sold a home will know this feeling all too well – months of waiting, chasing and worrying, with sales liable to fall through at any moment. It can quickly become a living nightmare.
“It doesn’t need to be this difficult and that is why we have set out bold proposals to shakeup the home buying and selling process.
“I’m pleased to see Lloyds Banking Group, Connells Group and LMS showing what’s possible by getting the right information to the right people earlier, cutting the delays and uncertainty that make moving home so stressful.”
Frances Cassidy, Head of Strategic and Technology Partnerships at Lloyds Banking Group, says: “Transforming the homebuying journey is about making one of the most important transactions in a customer’s life simpler, faster and more transparent.
“Our work with Connells Group and LMS shows what’s possible when estate agents, conveyancers and brokers work closely together, creating a more joined-up experience and greater certainty for everyone involved.”
DIGITISED TRANSACTION SYSTEM
Chris Rosindale, Chief Operating Officer at Connells Group, adds: “Society needs a faster, more reliable, fully digitised housing transaction system that increases certainty, reduces fall-throughs and supports housing mobility.
“We believe in reform that makes the system faster, more transparent and more reliable and are excited to be part of transformation in the sector.”
And Nick Chadbourne, Chief Executive Officer at LMS, says: “The industry has spent years diagnosing the problem.
“NPTN is infrastructure that delivers the solution. This initiative signals a serious move away from siloed processes and toward genuine market-wide reform.”
