Earlier checks and shared data could shorten transactions and reduce fall-throughs, say partner firms
Lloyds Banking Group, Connells Group and LMS have launched a digital homebuying service aimed at streamlining residential purchases and sales across England and Wales.
The firms said the current process is often slowed by repeated checks, late-stage issues and fragmented communication. Industry data showed the average time to complete at about five months, with a significant share of transactions failing before exchange.
“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,” said housing secretary Steve Reed. “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.
The new service is designed to bring key steps forward in the transaction, including identity verification, property information capture and source-of-funds checks. The partners said this is intended to reduce duplication and limit delays that emerge when problems are discovered late in conveyancing.
The model connects Connells branches, Lloyds Banking Group as lender and LMS panel conveyancers. It uses LMS’s National Property Transaction Network (NPTN) to allow information to be collected once and shared securely between parties involved in the deal.
“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,” Reed said.
Supporting firms include Moverly, which captures property and seller information up front, and Armalytix, which is intended to run earlier source-of-funds checks. Other suppliers listed are Novus Strategy, Credas and TM Group.
“Transforming the homebuying journey is about making one of the most important transactions in a customer’s life simpler, faster and more transparent,” said Frances Cassidy (pictured top left), head of strategic and technology partnerships at Lloyds Banking Group.
“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.”
Chris Rosindale (pictured top centre), chief operating officer at Connells Group, added: “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.”
Nick Chadbourne (pictured top right), chief executive of LMS, also said: “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.”
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