In the last 18 months, the value of commercial and residential property has gone through the roof in the UK. This is particularly true in London, where the cumulative value of property in the capital reached a staggering £1.5 trillion at the beginning of 2015. This level of value and investment is at odds with the industries strange resistance to change, however, as it struggles to integrate technology in the way that others markets have.
This is starting to change, however, as both sides of the market begin to become revolutionised from cutting edge technology. From a buyer’s perspective, there are a growing number of mobile applications that can help individuals to source, evaluate and view properties at their leisure. There has also never been a greater opportunity for aspiring property entrepreneurs to enter the marketplace, with open-source Saas and cloud-based technologies having negated the traditional barriers to entry and developed agile platforms for advertising properties.
We have also seen Europe’s first property tech accelerator launch in October 2014, which is currently seeking an additional £1.5 million investment to cover a broader range of the market over the course of the next 18 months. There have been a number of applications having being made by start-up companies since the move was announced, with more expected in the coming months. The crowdfunding aspect of the market is also booming, as investors use communal platforms to procure and develop properties for resale.
Ever since the great recession, the property market has evolved steadily without ever embracing technological advancement in the way that it should. While the emergence of firms such as Property Rescue has offered a wider range of options to individuals when trying to sell house fast, for example, the property market has been slow to fully integrate technological features.
Now that barriers are being broken down by innovation, Cloud-based platforms and smart technology, however, the market may finally be about to become fully immersed in 21st century gadgetry. With this in mind, we can expect the pace of innovation within the property market to gain considerable momentum over the course of the next five years, transforming the industry and way in which homes are bought and sold.
For now, however, it is enough to know that property market is finally embracing the benefits of modern technology.