The pilot was launched in September last year, and included Connells Group, Peter Alan, TM Group, Moverly, and a select panel of law firms.
They tested how collaboration across the sector and real-time data exchange could improve efficiency and speed up transactions.
The pilot found there was a 35% reduction in the time from sold subject to contract to exchange, as well as a 17% increase in the time from instruction to completion. There were also 43% fewer cancellations and a 21% rise in agent instruction rates across the firms that took part in the pilot.
Since the pilot, LMS has launched the National Property Transaction Network (NPTN), which is an open, agnostic and secure digital platform that connects stakeholders across the property transaction process.
The network makes shareable, authenticated data accessible to everyone, aiming to create a seamless journey and enhanced user experience.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
Sponsored by Aldermore
This included digital sale-ready (DSR) listings, combining upfront material information, reusable Know Your Customer and anti-money laundering (AML) checks, and smart data.
Buyers and sellers in the pilot said this resulted in more trust, transparency and confidence.
Nick Chadbourne (pictured), chief executive officer at LMS, said: “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.”
A need for freely shared data
LMS said the pilot confirmed a need for horizontal digital integration (HDI), an ecosystem that allows data to be transferred securely and universally across suppliers, agents, lenders and conveyancers.
LMS will now scale NPTN into a whole-of-market solution that is open to all, regardless of supplier or system.
The company has started to work with stakeholders to adapt the network and address needs and challenges in the sector.
Jeanette Coughlan, home conveyancing director at Connells Group, said: “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.”
