The Future Fox joined a round table with Housing Minister, Esther McVey, as she announced plans to release data held by local bodies to enable the UK PropTech sector to thrive and for them to “bring about a digital revolution in the property sector.”
The UK PropTech sector, a growing industry potentially worth £6 billion in the UK, is leading the world in the property building and buying market and the sector already receives 10% of global PropTech investment.
Roundtable participants include:
Urban Intelligence – a tool that helps developers and landowners to locate development sites more easily
The Future Fox – which is transforming community engagement in the planning process, enabling developers and local authorities to engage a much larger and more diverse range of voices in creating positive planning outcomes
Wayhome – which aspires to make home ownership more realisable for many more people by co-investing in property with its customers
The Rt Hon Esther McVey MP said:
We’ve had revolutions in the way that financial services, online banking and transport are provided, turning once unimaginable possibilities into everyday realities. Now it’s the turn of the UK property market. Whatever homebuyers prioritise, whether it’s the quality of local schools, the probability of getting a seat on a train, or having easy access to leisure facilities, this technology could transform the way we find and purchase homes. And new technology will link builders to brownfield sites more easily, enhance how developers engage with local communities, help builders deliver new homes and modernise the way we buy and sell land and houses, cutting the time it takes to get housing from the drawing board to families getting the keys. The UK property sector is on the cusp of a digital revolution. It’s time to harness new technology to unlock land and unleash the potential of housebuilders in all parts of the country and to revolutionise the way in which we buy homes.
In addition, new technologies could allow:
Communities to:
see models and interactive maps of planned development rather than one or two pictures
comment on planning applications online, on phones and on the go (in the same way that they use online banking services)
Prospective home buyers to:
use commute time calculators when they are looking at properties
explore financing options to help buyers afford their new home or enable gradual home ownership
receive step-by-step assistance to help them navigate the buying process
Developers to:
identify sites so that more houses are built more quickly
quickly locate suitable brownfield sites suitable for development
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