https://hmlandregistry.blog.gov.uk/2019/02/07/digital-transformation-and-the-property-sector/

Digital transformation and the property sector

Smartphone user holds phone in hand. screen showing image of a bedroom.

The private rental sector is undergoing a digital revolution. GetRentr is at the forefront of the PropTech (property technology) sector, constantly exploring new technologies and better ways to improve property licensing awareness and compliance for agents, lenders, conveyancers and landlords to name a few. So how do we see the digital revolution impacting the rest of the sector this year?

Driving digital change

Digital transformation is slowly taking effect across the UK property sector, helping drive open data initiatives. Key organisations such as HM Land Registry publicly share access to their data and are driving digital change with initiatives such as Digital Street, an ongoing research and development project. HM Land Registry is working with partners from across the property and digital sectors to explore how emerging technology and innovative uses of their data can help change the way we search and buy properties.

For almost two years GetRentr has been connecting with conveyancers, lenders, PropTech companies, data providers and the public to investigate how technology can be used to make it simpler, quicker and cheaper to buy or sell property.

This is great news whether you are a landlord, an estate agent, a letting agent managing a rental property portfolio, a mortgage provider or a conveyancer.

Greater use of social media is also becoming common place. Last month (January) the first sale of a property on Instagram via a developer took place. This certainly highlights a possible new trend and proves how valuable free social media channels can be in promoting property just as with any other product online.

Smartphone apps for house-sharing tenants to find each other are becoming more popular across Europe and are making their way over to the UK. More ‘dating style apps’ for house-sharing tenants are likely to appear in the market this year, which aim to help bring tenants together and allow for easier, safer and less expensive ways to find new housemates and to promote vacant rooms.

The use of blockchain in the property purchase process has the potential to open up property transactions and allow those involved to stay up to date digitally. HM Land Registry’s Digital Street project is actively looking into this. Historically property purchasing has been bureaucratic and slow. Blockchain has the potential to unlock a new, transparent way of working for all parties for an easier and quicker process all round. This in turn could significantly increase investment for buy to let and ensure a constant flow of available private rental properties to market.

To help put a financial value against the impact blockchain could have, the Government confirmed at a recent conveyancing conference that people in the UK spend somewhere around £270 million in surveys and searches on properties that they do not even end up owning.

About GetRentr

GetRentr has been a partner of HM Land Registry for more than two years in conjunction with Ordnance Survey after going through their Geovation programme. This backs PropTech start-ups and provides them with up to £20,000 and geospatial expertise to help young entrepreneurs succeed.

Digital transformation is changing the property market but we want to hear your view. What do you think about the changes happening today? Have your say in the comments below. Or contact us for a demo to see how we can help you.

Geovation

Start-ups with innovative geospatial or property technology ideas are invited to apply to the 2019 Geovation Accelerator Programme. For more information visit www.geovation.uk/programme or email us at programme@geovation.uk.

Backed by Ordnance Survey (OS) and HM Land Registry, the Accelerator Programme has produced a steady pipeline of success since its introduction in 2015. A total of 84 start-ups have gone through the programme, creating more than 200 jobs and raising £23.3 million in investment funding.

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