As well as leading the way in financial technology – aka FinTech – and regulations technology investments, coined RegTech, London is leading growth in PropTech, technology designed to harness growth and development within the property sector.
Numerous PropTech start-ups are joining the burgeoning property technology scene in London, meeting the consumer demand for easier ways to buy, sell and rent property.
Start-up Nested is one of the newest firms to join the London PropTech scene, promising to help homeowners sell their property within 90 days.
The British capital has long been a hub for property developers and investors and remains one of the most traded property markets in the world, continuing to offer opportunities to investors, landlords and developers.
It’s also no secret that London is well-established as a technology hub, with the capital’s Tech City paving the way for technological innovation.
These two industry powerhouses are effectively colliding, ensuring London is fast becoming the PropTech capital of Europe.
As the London Standard writes:
“Right now, prop-tech entrepreneurs across London are working on everything from technologies that make building more energy efficient through to software that’s slashing waste in the construction industry. As you’d expect, international investors are piling in to back these businesses and London has fast become the prop-tech capital of Europe.”
Led by the capital, this thriving PropTech scene is starting to manifest itself into other areas of the country. For example, Manchester, the hub of the Northern Powerhouse, hailed as a safe property haven for savvy investors, is increasingly attracting PropTech start-ups.
OneDome is one property tech company that’s moved into the North West, rolling out its new Locality Reality tool in Greater Manchester. After enjoying success in London and the West Midlands, OneDome’s software, which enables users to find information on any postcode, is now available in Manchester and the Greater Manchester areas.
By taking advantage of what’s known as ‘Locality Reality’, house buyers and renters have greater knowledge about an area and can therefore make a more informed decision about where to buy or rent a home.
OneDome’s founder, former J.P. Morgan trader Babek Ismayil, told the Manchester Evening News:
“We are proud to launch our first tool Locality Reality to Greater Manchester, as we increase our coverage to more parts of the UK.”
With London leading the way, the United Kingdom is undoubtedly at the forefront of the PropTech revolution, reinventing the way we sell, buy, let and rent property.