PEXA has completed the UK’s first fully digital property transaction.

The purchase took place as part of the testing of PEXA’s sale and purchase proposition, ahead of its full launch and market roll out later this year.

The transaction was completed in partnership with Hinckley & Rugby Building Society, which was the first UK lender to complete a mortgage using PEXA, with national law firm, Muve, acting as conveyancer.

The transaction leveraged the digital property exchange platform’s payment scheme, PEXA Pay. The technology enabled the settlement of funds from the incoming lender’s account to the seller’s conveyancers verified account together with lodgement of title with HM Land Registry to complete the transaction.

UK chief executive officer at PEXA, Joe Pepper, 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."

The announcement comes after the business saw increased momentum in its remortgage proposition, which has processed over £100m in transactions by the end of January 2025.

Pepper added: "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."

Head of sales and distribution at Hinckley & Rugby Building Society, Laura Sneddon, concluded: "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."

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