Technology Property Predictions for 2022

When COVID-19 hit the world back in 2020, the Bank of England feared property prices would come crashing down, when in fact the industry has boomed. Residential property prices in the UK increased by approximately 13% year on year in June 2021¹.
Rightmove figures show the average price of property grew by 7.6% higher in January ‘22 compared to ’21, the highest annual growth recorded since May 2016².
Nationwide Building Society House Price Index show the average house price in the UK hit a new record high of £265,312 in March 2022 which is the fastest increase since 2004 with an average annual growth of 14.3%.

So, with the property market doing well, will it sustain momentum throughout 2022?
Mark Howell, Regional Sales Director for Michael Jones & Brand Vaughn believes it will with technology investment within the housing market…

“Technology invariably leads the way and after the pandemic, businesses are obtaining funding and government support for tech investment. We expect this to be heavily pushed into the property market with a focus into the ‘sale ready’ process. In the market there is currently a delay of 4-5 months of when the property sale is agreed and processed through to completion. Improving the sophistication levels with automatic forms and with the majority of information provided before the property comes to market will help speed up the process and continue to drive the marketplace forward.

Virtual technology around viewing properties online is another area constantly improving. Virtual walk-through tours and high-definition drone photography is a must as customers expect a wider source of information to help make their decision quickly and with knowledge. With this in mind, we expect the user experience to improve, to maintain the quality of video walk-throughs you now see, but with the option for the customer to control the walk-through themselves, adopting technology such as virtual reality (VR).

Following on from what customers not only expect but quite rightly demand, is a personalised service. Having forms which are bespoke to an individual, based on what they want and what their requirements are allows for specific, tailored customer journeys. Integrating the data into websites and having interactive, responsive systems which listen to customers and then delivers the content and information tailored to individuals, rather than a generic information is not only more relevant and useful to people but so much more convenient. A frustration for many customers is being registered with an estate agent within a budget, and then sent a range of properties which are occasionally relevant but often do not meet their requirements. They may as well go onto Rightmove and simply pick the properties themselves.

What is needed, is for someone to listen to their requirements and receive properties that meet their specific list of requirements. Mini client portals with their own statements, records, feedback etc and having this information available at the tip of their fingers, whilst having property experts available to call and speak to whenever necessary would be a great solution. All of this doesn’t strip aside the need for really good customer service, it’s just there as an additional benefit to the customer.

There will never be a time when the need for people and relationship building is not necessary. It does however allow the agents to spend more time focusing on the client and customers journey.

Another area that will keep the property market buoyant into the future is buying, selling, and renting with crypto. For this to be a possibility solicitors will need to create a system in which property can be processed through cryptocurrency. It would likely have huge appeal to the next generation, especially if tied into schemes such as Help to Buy. However due to the advances needed within the market, this is likely to be a long way off.

The technology advancements will continue to improve and as a country, we are still inherently interested in buying property so we look forward to the year ahead and see how the two will integrate and benefit our customers.”

 

¹ https://www.bankofengland.co.uk/bank-overground/2021/how-much-of-the-recent-house-price-growth-can-be-explained-by-the-race-for-space

² https://www.rightmove.co.uk/press-centre/house-price-index/january-2022/


Content accurate at time of publishing.

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