LMS’s recent pilot was launched in September 2024, led by a group of key industry players including Connells Group, Peter Alan, TM Group, Moverly, and a select panel of law firms. Together, they tested how cross-industry collaboration and real-time data exchange could eliminate inefficiencies and speed up property transactions without disrupting stakeholders' existing workflows.
The impact on pilot cases has been staggering, resulting in:
- 35% reduction in time from Sold Subject to Contract (SSTC) to exchange.
- 17% faster from instruction to completion.
- 43% fewer cancellations.
- 21% higher agent instruction rates with firms involved in the pilot.
Since the pilot, LMS has launched National Property Transaction Network (NPTN). The network is an open, agnostic and secure digital platform that connects every stakeholder in the property transaction process. NPTN makes shareable, authenticated data accessible to everyone, helping to create a seamless journey and enhanced user experience.
At the heart of the pilot were Digital Sale-Ready (DSR) listings, which combine upfront material information, reusable KYC/AML checks, and smart data. Buyers and sellers reported increased trust, transparency, and confidence, with fewer surprises and faster outcomes.
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.”
What’s Next?
The pilot validated a clear industry need for Horizontal Digital Integration (HDI), a connected ecosystem where data flows securely and universally across suppliers, agents, lenders, and conveyancers. LMS is now scaling NPTN into a whole-of-market solution, accessible to all, regardless of supplier or system.
LMS has already begun working with new stakeholders to adapt the network to meet the unique needs and challenges across the industry. NPTN is built to evolve; with every new partner, the network becomes more impactful.
Jeanette Coughlan, home conveyancing director at Connells Group says:
“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.”
