PEXA completes first fully digital transaction

PEXA, the digital property exchange platform, has reached a significant milestone by completing the UK's first fully digital property purchase transaction. This landmark achievement occurred on 2 June 2025, in Leeds, and is part of a testing phase for PEXA's Sale & Purchase proposition, which is set to launch fully later this year. The successful transaction represents a crucial step in PEXA's ongoing mission to simplify and enhance the home buying and selling experience for consumers, lenders, and conveyancers alike.

Hinckley & Rugby Building Society was notable for being the first UK lender to utilise PEXA for a mortgage transaction. The law firm Muve served as the conveyancer for both the purchaser and the lender within the PEXA workspace. PEXA's proprietary payment solution, PEXA Pay, supported the transaction, marking the seventh net settlement payment scheme to clear through the Bank of England. This innovative technology facilitated a prompt and secure transfer of funds from the incoming lender's account to the seller's verified account, ensuring that both parties were protected throughout the process.

Interestingly, the test transaction required no additional funds from the purchaser. Thanks to PEXA's recent approval as an Authorised Payment Institution by the FCA, the platform can now directly receive funds from consumers through its Third Party Managed Account (TPMA) service, providing more options for property transactions moving forward.

This successful transaction builds on PEXA's momentum in the sector, particularly its remortgage offerings, which had processed over £100 million in transactions by the end of January this year. Joe Pepper, UK CEO of PEXA, remarked on the importance of this development, “Our mission has always been to help transform the property market for the benefit of consumers, lenders and conveyancers. Today's completion of the UK's first digital purchase transaction is a landmark achievement in this journey."

He further praised the collaboration with Hinckley & Rugby and Muve, stating, “Their commitment to innovation has been instrumental in making this breakthrough possible." The successful trial transaction sets the groundwork for the market-wide launch of PEXA's Sale & Purchase services, anticipated later this year.

Laura Sneddon, Head of Safes and Distribution at Hinckley & Rugby Building Society, expressed enthusiasm regarding the innovative collaboration, saying, “We are always eager to embrace innovation and work with partners who share our vision for a more efficient and modernised property market." She stated that today's transaction demonstrates the potential of PEXA's technology to transform the property market, reinforcing their commitment to enhancing services for customers.

David Jabbari, Founder and CEO of Muve, echoed this sentiment, commenting, “This achievement underscores the transformative potential of PEXA’s platform to improve the conveyancing process." He expressed pride in their role in this historic transaction, reaffirming Muve's commitment to innovation within the legal sector and highlighting their plans to expand the reach of digital conveyancing in the UK.

The completion of the UK's first fully digital property purchase signifies a transformative moment for the property market, promising a more efficient and straightforward process for all stakeholders involved.