A cross-industry pilot programme led by conveyancing technology provider LMS has slashed property transaction cancellation rates by 43% and reduced the time from sale agreed to exchange by more than a third, according to data released following the trial’s conclusion.
Launched in September 2024, the pilot brought together a consortium of major players including Connells Group, Peter Alan, TM Group, Moverly and a panel of law firms to test the effectiveness of collaborative data-sharing in speeding up transactions.
The aim was to remove inefficiencies without disrupting existing workflows.
The results point to significant improvements across the board. In addition to the fall in cancellations, cases involved in the trial recorded a 35% reduction in the time taken from Sold Subject to Contract (SSTC) to exchange, and a 17% improvement from instruction to completion. Firms participating in the pilot also saw a 21% increase in agent instruction rates.
NEW LAUNCH
The findings have since been used to inform the launch of the National Property Transaction Network (NPTN), an open and secure digital platform designed to connect all stakeholders in the transaction process.
LMS describes the platform as both agnostic and scalable, with the ability to work across systems and suppliers to enable the secure exchange of authenticated data in real time.
Digital Sale-Ready (DSR) listings formed the foundation of the pilot. These listings incorporated upfront material information, reusable KYC and AML checks, and structured smart data to enhance trust and transparency between parties.
Feedback from both buyers and sellers suggested that the approach increased confidence and led to fewer delays and surprises during the conveyancing process.
MINIMAL DISRUPTION
Nick Chadbourne, chief executive officer at LMS, says: “We tested industry theories in a live environment, overcoming challenges and proving that when stakeholders have access to the right information at the right time, the whole process becomes easier and more transparent.
And crucially, stakeholders could work how they always have with minimal disruption.”
And Jeanette Coughlan, home conveyancing director at Connells Group, adds:“This is not a closed loop network. We are proud to further support NPTN and further onboard across the Connells estate.
“The pilot results show what’s possible when everyone has access to the same trusted data, and we’re proud of what our team and partners have achieved through true collaboration and engagement.”
