Digitisation already has the potential to halve the time to complete a property transaction, says PEXA-led report on future of property transactions

Author: Ryan Walsh · February 3, 2026

We’re delighted to share a new report from our partners PEXA.

The Future Property Transaction Group (FPT Group), a multi-stakeholder initiative instigated by PEXA, the world-leading, digital property completions and data insights business, today releases its “Future of Residential Property Transactions,” report.

The new report reveals that, even before major reforms to the homebuying and property sector take effect, there is opportunity for significant, additional and rapid productivity gains across the industry. Collaborative digital adoption and process enhancement has the potential to halve the current mortgage completion timeline from an average of 126 days to just 59 days from application.

The report is the culmination of a regional pilot in West Yorkshire lasting more than 12 months, established with the goal of being a “regional proof point for a national problem”. By pooling over 40,000 lines of anonymised data from lenders, conveyancers, and tech providers, the group has identified a number of actions to help address the fragmentation and systemic inefficiency that costs the UK economy an estimated £1.5 billion annually in failed transactions.

The FPT Group proposes a balanced roadmap for stakeholders, covering three categories of action:

1. Immediate Practical Steps: Encouraging early legal instruction upon property listing and wider adoption of digital onboarding to address post-offer delays.

2. Future Pilot Opportunities: Launching an integrated digital transaction pilot and enhanced upfront leasehold information trials.

3. Strategic System Shifts: Advocating for unified digital identity, supporting the shift of AML supervision to the FCA, and prioritising interoperable infrastructure that enables secure data sharing across the transaction.

Joe Pepper, UK CEO of PEXA, said:

“The FPT Group was set up to provide a collaborative space in which all industry players can drive progress in the home buying journey. The market is under immense pressure, with consumers increasingly expecting faster progress and clearer updates, so anything we can doto ease the burden for conveyancers who are trying to deliver good consumer outcomes should be a top priority.

“There are clearly steps that we can take to drive progress in the short-term. Longer-term, the Government is quite rightly looking holistically at what positive reforms can support our industry and improve the home buying process. This shared endeavour shows the ability and willingness of the sector to come together and drive positive change. What is critical now, for both the industry, and Government, is to act on this insight.”

The FPT Group’s analysis highlights that while the total “time to move” currently averages over 200 days, many of the tools to address key friction points exists today, and if the market were able to operate at the speed of the top 50% of transactions, the average time to buy a home would be halved.

Key data insights include:

• Mortgage Timelines: Transitioning from manual to digital workflows can reduce the application-to-completion period by 53%.

• Source of Funds (SoF): Adopting digital SoF tools can deliver an 80–90% efficiency gain, reducing processing times from 2–3 weeks of manual “back and forth” to just 2–3 days.

• Leasehold Delays: The report found leasehold transactions take an average of 34 days longer than freeholds, often due to a lack of early clarity regarding management company details.

Pepper added:

“It is clear that the priorities for the sector include digitising processes to address the top pain points, such as AML checks, creating a system that is more transparent and upfront with data, and setting far more realistic expectations with consumers for what is a significant legal undertaking. The stats around the time saving for digitising checks and the transfer of funds simply cannot be ignored.”

The report’s release coincides with significant national momentum for reform. The FPT Group has actively aligned its findings with recent industry developments, including:

• MHCLG Consultation: The government’s recent consultation on home buying and selling reform, which explores mandatory upfront digital property packs.

• Legislative Progress: The Data (Use and Access) Act 2025 receiving Royal Assent, providing the legal framework for “Smart Property” data sharing.

• Digital Identity: The development of a UK Government digital wallet and the Property Data Trust Framework to enable secure, repetitive-free ID verification.

• HMLR Strategy 2025+: HM Land Registry’s commitment to a fully digital-first property market involves it seeking to develop digital services, expertise and accessible property information that can unlock a better, faster and less stressful property market.

Writing in a foreword to the report, Maria Harris, Chair of the Open Property Data Association (OPDA), says:

“With the recent progress of the Data (Use and Access) Act and the government’s identification of property as a priority use case for Smart Data, the timing of this report could not be more pertinent. The industry must now move from fragmented efforts to a cohesive, data-driven ecosystem. The insights gathered by this group regarding digital identity and data interoperability provide the tangible evidence needed to demonstrate how we can reduce transaction times and failure rates.”

Established in September 2024 by PEXA, the FPT Group is a multi-stakeholder coalition including Arch Law, Armalytix, Credas, Finova, HM Land Registry, Leeds Building Society, PEXA, OPDA, Skipton Group, Mortgage Advice Bureau, MPowerred Mortgages, MQube, and West Yorkshire Combined Authority. Facilitated by Whitecap Consulting, the group aims to create evidence-based models to shape national housing policy and improve consumer outcomes.