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The Impact of Technology on the UK Property Sector

Published: 16 January 2019 - Sarah Mead

Advances in technology have revolutionised every sector, including property. From VR property tours to instant online bank transfers, there have been huge improvements in the industry because of technology.

Property viewings have been totally transformed by technology. Instead of having to hike around a city with an estate agent, property investors can take virtual tours of potential properties from anywhere in the world. This quick and efficient process allows investors to get an idea of the space and visualise their new investment. Idealised CGI images and inadequate photos have been replaced by high tech virtual tours. These allow investors to walk through their potential investment before committing to buy.

Looking to the future, laser imaging technology can be used to scan a room and create 3D models or 2D floor plans. This is a quick solution to having to draw floorplans for agents, it’s also less intrusive for the owner. The 3D models can then be viewed on Virtual Reality headsets for a futuristic property viewing experience.

Increased communication and connectivity between countries has led to a far more global property market. Investors all around the world can buy property in the UK, which is often seen as a prestigious investment. Technological innovation has also speeded up the property buying process astronomically. Online portals and specialist software mean that investors, agents and developers can keep track of progress. It’s far easier for investors to get in touch with property investment firms, with mobile phones allowing round the clock access. Online and mobile banking has enabled investors to move money, pay developers and receive rental income far easier than having to go to the bank.

Instant access to information through the internet has become a fundamental tool for property investors. With a few taps on a smart phone, investors can find area statistics, photos and new stories from their intended location. It has also made the industry more competitive, with price comparisons and alternate properties easy to find. Availability of this information has led to more transparency in the industry, with clients and brokers privy to similar information.

The use of online estate agents and property investment firms has become standard in the industry. Looking in estate agent windows and reading heavy brochures has been changed for quick browsing of properties online. Algorithms and filters can be used to find the ideal property. Investors can use tools like Google Earth to get satellite views of the property and online maps to see nearby amenities which will benefit tenants.

New environmental technology like smart homes, energy efficiency and recycled materials have also played a part. Environmentally friendly design is becoming higher on the list of property criteria for many people. New build properties must be responsible and innovative in order to provide creative eco-friendly options.

Drones are another sector where technology is improving rapidly. Once the expensive toys of the very rich, they are now being utilised by a wide range of sectors. In property, they are being used to show potential investors the area where their potential property is. This is also helpful for off plan investments where the site and progress of the build can be seen from high up.  

Many of the changes that have been brought about by technological innovation have been perfect for investors. With more information than ever, investors can make smarter choices and find the perfect investment for them. Property Investment firms like RW Invest are making the most of these innovations in order to create the best experience for investors.  Investing in property has never been easier with these advances in technology



 
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