PEXA’s UK remortgage market share hits 26%
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The news: PEXA Group’s remortgage market share in the UK hit 26% at the end of the September quarter, although this is 1% lower than the previous corresponding period, on “the loss of a low margin mandate” for the Smoove platform.
PEXA's provides remortgage services through Optima Legal and Smoove, which is separate from their settlement platform.
The numbers: PEXA said its UK property market “strength” was driven by growth in Optima Legal and Smoove remortgage completion volumes, up 32% and 22% on the previous comparable period.
PEXA platform transactions were 15% higher than the previous corresponding period and 4% lower than last quarter of 2025.
PEXA maintained its Australian market penetration at 90%, on par with the fourth quarter of 2025. Total transaction volume on the PEXA Exchange grew by 6% to 1.06 million compared to the previous comparable period.
Refinance transactions benefitted from two interest rate cuts by the Reserve Bank of Australia in the September quarter.
The digital solutions business saw revenue grow 15% compared to the previous corresponding period amid “sustained customer retention”. The business remains under review.
The context: PEXA CEO and group managing director Russell Cohen said the company delivered “solid trading performance” in the September quarter, with the UK market “gaining momentum, showing clear signs of growth after a period of subdued activity”.
He also reaffirmed the company’s FY26 guidance, which was previously issued alongside its FY25 earnings result.
What they said: “PEXA is executing well against our FY26 strategy, and I am pleased to reaffirm our guidance for FY26. We are investing in the resilience and modernisation of the Australian Exchange platform to deliver improved service and outcomes for Australian customers,” Cohen said.
“In the UK, we remain on track to launch a PEXA-enabled remortgage service with NatWest in the first half of calendar year 2026.”
The source: ASX
