The pilot, which was launched in September 2024, tested how cross-industry collaboration and real-time data exchange could eliminate inefficiencies and speed up property transactions without disrupting stakeholders’ existing workflows.

It was led by a group of industry players including Connells Group, Peter Alan, TM Group, Moverly, and a select panel of law firms.

Pilot cases were 17% faster from instruction to completion and there were 21% higher agent instruction rates with firms involved in the pilot.

Since the pilot, LMS has launched the National Property Transaction Network (NPTN).

The network is an open, agnostic and secure digital platform that connects every stakeholder in the property transaction process.

The pilot had digital sale-ready (DSR) listings, which combine upfront material information, reusable KYC/AML checks, and smart data.

The conveyancing services provider says 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”.

It is now scaling the NPTN into a whole-of-market solution and is working with new stakeholders to adapt the network to meet different needs and challenges across the industry.

LMS chief executive officer Nick Chadbourne 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.”