At Leeds Digital Festival, PEXA’s Future of Homebuying event on 22nd September will bring together representatives from some of these organisations (Lloyds Banking Group, Skipton Group, Leeds Building Society and Ridley & Hall) to discuss the challenges and opportunities involved in making it easier to buy and sell homes.
According to the Government, it takes around 120 days on average to complete a transaction after an offer has been accepted, while approximately one in three transactions falls through.
Those failures cost consumers an estimated £400 million each year, as well as creating considerable uncertainty and stress. A recent report from PEXA found that 95% of home-movers last year experienced unexpected costs, with 83% citing uncertainty as a source of stress.
Reform is now under way. In June, the Government published its Home Buying and Selling Reform Roadmap, (the source of the aforementioned data-points) in which the Ministry of Housing, Communities and Local Government (MHCLG) set out a phased programme of change through to the end of this Parliament.
The roadmap aims to make transactions faster, more reliable and more transparent. Its proposals include:
These measures will be introduced in stages. Initial activity during 2026 includes improving guidance on information in property listings, defining what can be included voluntarily in sales packs and progressing work to make local authority property data more accessible.
Further steps during 2027 and 2028 will support greater adoption of digital verification, digital logbooks and common data standards, alongside consultation on a potential Smart Data scheme for property.
This is not simply about replacing paper forms with digital versions, it is about redesigning how a complex market works: making trusted information available earlier, allowing it to move securely between participants and connecting the different stages of a transaction more effectively.
To be fully effective, this modernisation needs to span the full homebuying process, including the final stages of completion and title registration. A truly modern journey should not become fragmented at the point when funds and legal ownership are exchanged.
Better information at the beginning needs to flow through the whole transaction, helping lenders, conveyancers and consumers reach completion and registration with greater visibility and certainty.
The Northern Square Mile reflects the concentration of financial and professional services expertise across Leeds and West Yorkshire.
According to the West Yorkshire Combined Authority, the region is the UK’s second-largest centre for banking, accounting and legal services.
It combines major financial institutions and professional services firms with thriving FinTech and LegalTech communities and an expanding regulatory presence, including the Bank of England and the Financial Conduct Authority.
A single property transaction can involve a mortgage lender, broker, estate agent, conveyancer, surveyor, payments provider, local authority and HM Land Registry. Each performs an important role, but information and money do not always move
smoothly between them.
Consumers can be asked for the same details several times, professionals spend time checking and re-keying information, and problems often emerge only after an offer has been accepted.
Changing this is not just a property sector challenge; it is also a major financial services, legal, data and technology challenge.
This makes it particularly relevant to a region with deep expertise in lending and mortgages, supported by major banks, building societies, credit reference agencies and technology providers.
The Future Property Transactions Group, convened by PEXA prior to the Government developing its reform proposals, brought together lenders, conveyancers, technology businesses, HM Land Registry and the West Yorkshire Combined Authority to examine how greater collaboration and digital adoption could improve property transactions.
Its work highlighted that no single organisation – or single piece of technology – can transform homebuying alone.
Homebuying reform is a national challenge, but with so many prominent participants based in the region, Leeds and its Northern Square Mile can be at the forefront of delivering the solution.
The success of the Northern Square Mile should ultimately be measured by its impact, not simply by the size of the organisations based here. Playing a central role in modernising homebuying can also support wider regional ambitions.
Developing the data, technology and professional skills required for property reform can create high-value jobs, attract investment and strengthen Leeds’ reputation as a centre for practical financial innovation.
Modernising homebuying gives the region an opportunity to apply its financial, legal and digital capabilities to a problem that affects millions of people.
If Leeds-based organisations, working as part of the wider UK ecosystem, can help create a process that is more connected, secure and certain, the benefits will be felt by consumers and professionals across the country.
