Having managed to resist change for a number of years, Britain’s property industry is, at last, giving way to evolving technological changes. Whilst the likes of ‘medtech’, ‘adtech’ and ‘fintech’ have been on the radar for decades and are well-grounded into everyday existence, ‘PropTech’ arrived significantly later.
Though since it arrived, PropTech has not held back and is slowly but surely beginning to reinvent the property market.
The advent of the property search portals
The likes of Zoopla and Rightmove, giant internet property search portals, brought a fundamental shift to the way we search for property. With an estimated 2.6 million people browsing these huge house-hunting domains daily, these digitalised property search platforms have signified a notable change in the property sector, steering it towards an industry that is in-keeping with our digitised society.
Making homes smarter for landlords
With changes in laws, stamp duty and taxes, landlords haven’t had an easy ride in recent years. PropTech has brought some relief to landlords, paving the way to a smarter journey in a sector that continues to grow in the UK.
Investing in smart technology such as digital thermostats like Nest, which provide innovative insulation technology, means landlords are benefiting from making their properties more energy efficient. Creating more energy efficient properties through smart technology decreases the chances of a property being susceptible to damp and other problems, which in turn improves the tenant experience, and happy tenants usually mean happy landlords.
From apps that detect smoke and carbon monoxide to smart security systems that are accessible through an app on a smartphone, Smart PropTech is also resulting in safer homes, which again benefits tenants, landlords and vendors.
Searching for mortgages is joining the PropTech scene
Mortgage lenders are finally surrendering the dark ages, with the likes of Trussle entering the Proptech market. Searching more than 11,000 deals from 90 lenders, Trussle is a digital portal that offers a ‘hassle-free way to get a mortgage online.’
It may have been comparatively slow to get out of the starting blocks, but now PropTech has found its feet, it looks set for some pretty rapid and innovative growth, reinventing the property market as we know it.