Latest news with #propertytransactions
Finextra
2 days ago
- Business
- Finextra
Pexa completes UK's first fully digital property purchase
PEXA, the digital property exchange platform, today announces the completion of the UK's first fully digital Purchase transaction. 0 The transaction took place as part of the testing of PEXA's Sale & Purchase proposition ahead of its full launch and wider market roll out later this year. It marks an important milestone in PEXA's mission to streamline the home buying and selling journey. Hinckley & Rugby Building Society was the first UK lender to complete a mortgage using PEXA, with national law firm Muve acting as the conveyancer within the PEXA workspace for both the purchaser and lender. The transaction leveraged PEXA's proprietary payment scheme, PEXA Pay — the seventh net settlement payment scheme to clear through the Bank of England. The technology enabled the settlement of funds from the incoming lender's account to the seller's conveyancers verified account together with successful lodgement of title with HM Land Registry to complete the transaction promptly and securely giving peace of mind that both lender and purchase are protected. This test transaction did not require the purchaser to introduce additional funds, although following PEXA's recent FCA approval as an Authorised Payment Institution, PEXA can now receive funds directly from the consumer acting as a Third Party Managed Account ('TPMA") provider to conveyancers for property transactions. The news builds on the already significant momentum the business has generated with its remortgage proposition, which had already processed over £100m in transactions by the end of January this year. This successful transaction has set the foundation for the market-wide launch of the Sale & Purchase offering later this year. Commenting on the transaction, Joe Pepper, UK CEO of PEXA, said: '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. By leveraging our platform and PEXA Pay scheme, we have demonstrated how technology can simplify and expedite what has traditionally been a complex and time-consuming process. 'This milestone is a testament to the collaborative spirit of the UK property market, particularly forward-thinking organisations like Hinckley & Rugby Building Society and Muve who were also the first industry players to test PEXA's remortgage proposition. They have been early believers in the power of PEXA, and their commitment to innovation has been instrumental in making this breakthrough possible. 'The successful trial transaction is a precursor to the launch of our Sale & Purchase offering later this year. This is just the beginning, and we will continue to invest in the UK market to deliver better outcomes for all stakeholders, making property transactions faster, simpler and more secure.' Laura Sneddon, Head of Safes and Distribution at Hinckley & Rugby Building Society, added: 'We are always eager to embrace innovation and work with partners who share our vision for a more efficient and modernised property market. PEXA's fully digital Sale & Purchase platform represents a significant step forward in streamlining the mortgage and completion process, and we are proud to have been the first UK lender to complete a transaction using this ground breaking technology. "Our team has worked closely with PEXA to test and implement this platform, and today's successful transaction demonstrates the potential for this technology to transform the property market. We look forward to continuing our partnership with PEXA to deliver enhanced services for our customers and to lead the way in digital innovation within the lending industry.' David Jabbari, Founder and CEO of Muve, commented: 'This achievement underscores the transformative potential of PEXA's platform to improve the conveyancing process. "Muve is committed to driving innovation in the legal sector, and this collaboration aligns perfectly with our mission to deliver cutting-edge solutions for our clients. We are proud to have played a key role in this historic transaction and look forward to working with PEXA to bring the benefits of digital conveyancing to more consumers across the UK.'
Arabian Business
3 days ago
- Business
- Arabian Business
Dubai real estate sector recorded $6.25bn of transactions last week, including $45m Jumeirah apartment
The Dubai real estate sector recorded AED22.94bn ($6.25bn) of transactions last week, according to data from the Land Department. Sales transactions dominated the figures, with AED18.39bn ($5bn), according to Land Department data. In total there were 4,638 sales transactions recorded between May 26 and May 30. Dubai real estate last week Among the most expensive sales transactions listed on the Land Department website were: An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED163.8m ($44.6m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED143.6m ($39.1m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED121.2m ($33.1m) The Land Department also showed mortgage deals worth AED3.47bn ($944m) last week. Gift transactions in the same period were valued at AED1.08bn ($294m).
Arabian Business
26-05-2025
- Business
- Arabian Business
Dubai real estate sector recorded $4.7bn of transactions last week, including $27m Jumeirah apartment
The Dubai real estate sector recorded AED17.4bn ($4.7bn) of transactions last week, according to data from the Land Department. Sales transactions dominated the figures, with AED13.18bn ($3.6bn), according to Land Department data. In total there were 4,309 sales transactions recorded between May 19 and May 23. Dubai real estate last week Among the most expensive sales transactions listed on the Land Department website were: The Land Department also showed mortgage deals worth AED3.39bn ($923m) last week. Gift transactions in the same period were valued at AED825m ($225m).
Arabian Business
17-05-2025
- Business
- Arabian Business
Dubai real estate sector recorded $4.7bn of transactions last week, including $67m Business Bay building
The Dubai real estate sector recorded AED17.3bn ($4.7bn) of transactions last week, according to data from the Land Department. Sales transactions dominated the figures, with AED13.11bn ($3.6bn), according to Land Department data. In total there were 4,048 sales transactions recorded between May 12 and May 16. Dubai real estate this week Among the most expensive sales transactions listed on the Land Department website were: The Peninsula Four building in Business Bay sold for AED245m ($66.7m) An apartment in The Royal Atlantis Resort in Palm Jumeirah sold for AED65m ($17.1m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED52.2m ($14.2m) The Land Department also showed mortgage deals worth AED3.27bn ($890m) last week. Gift transactions in the same period were valued at AED925m ($252m).
Arabian Business
12-05-2025
- Business
- Arabian Business
Dubai real estate sector recorded $5.5bn of transactions last week, including $26.3m Jumeirah apartment
The Dubai real estate sector recorded AED20.1bn ($5.5bn) of transactions last week, according to data from the Land Department. Sales transactions dominated the figures, with AED16.48bn ($4.5bn), according to Land Department data. In total there were 4,116 sales transactions recorded between May 5 and May 9. Dubai real estate this week Among the most expensive sales transactions listed on the Land Department website were: An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED96.9m ($26.3m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED65.2m ($17.1m) An apartment in Jumeirah Residences Asora Bay in Jumeirah sold for AED65.2m ($17.1m) The Land Department also showed mortgage deals worth AED2.87bn ($781m) last week. Gift transactions in the same period were valued at AED740.9 ($202m).
