Proptech progress: how buyers and tenants search for homes

 

Technological advances in recent years have been phenomenal, and ‘proptech’ certainly hasn’t been left behind. Investors, buyers and even tenants are using it more than ever. 

If you’ve searched for a property to buy or rent, chances are, you’ve used a portal such as Zoopla or Rightmove to help you find what you’re looking for. This is a prime example of proptech – property technology – which has changed the property industry.

According to new research released by Capterra, around 75% of people in a survey of more than 1,000 used such a portal as their primary search channel. Since the onset of Covid, the use of such technology and online engines has soared even further in popularity.

Virtual tours for buyers and investors

A relatively new addition to house hunting is virtual tours. While Covid made this particularly prevalent – with 47% of prospective buyers using such an offering in the past three years – it is a hugely useful proptech tool in other respects.

Property investors, for example, who may be considering a range of purchase options, are more likely than ever to use virtual tours rather than physically visiting sites. When buying off-plan, many developers offer CGIs and video imagery to demonstrate how a property will look when finished.

Overseas investors in particular find such options vital in helping them to select a property without physically seeing it. Similarly, tenants find it useful to see a property virtually rather than viewing it in person.

In Capterra’s research, almost a fifth (19%) of respondents had bought or rented a property based on a virtual viewing, proving how proptech has transformed the process.

Pandemic influencing choices

A further two fifths (42%) of people in Capterra’s report said that they were seeking to change locations when they searched for new property. For many, being close to a workplace was no longer a concern, so opting for a new area with lifestyle in mind was the priority.

However, only 6% of people said they had reassessed their home situation specifically for pandemic-related reasons. This could imply that, while house buying and selling activity has been heightened, there are other factors affecting people’s choices.

Sukanya Awasthi, content analyst at Capterra UK, says: “The UK property market has seen a surge in house purchases in the last three years, which pandemic-related circumstances may have brought on.

However, we see a shift in purchase behaviours as consumers adapt to post-pandemic lifestyle changes. 39% of respondents said they bought a new house after realising they needed more room because they were spending more time there.

“We also found that house hunters are now embracing technology such as virtual tours for reasons of convenience. 68% of respondents said one of the main benefits of virtual tours is that it allows them to view a house at any time.

“As proptech innovations evolve, we can expect them to continue to play an important role in the home buying and renting processes.”

Popular proptech offerings right now

Property portals, it seems, are used by the majority, but there are plenty of other offerings out there. Hundreds of startups in the proptech sector are gaining traction, as technology becomes ever more key to our daily lives.

A number of companies offer online ways of selling properties. These include the likes of Settled, Emoov and Nested. They all offer various services, from valuation to listings to virtual viewings.

Trussle is also gaining in popularity as the first online mortgage broker. It aims to be more efficient and less costly than its physical competitors.

For the buy-to-let market, there are plenty of renting platforms that property investors, landlords and tenants can use. From managing the lettings side, to full property management and tools like rent processing, there’s a proptech offering for every need.

Some big names in this space include Rentify, MoveBubble, Lavanda, HomeRenter and Homie.

Smart home technology also falls under the proptech bracket, and this has become commonplace in thousands of homes across the country. From smart heating systems and lighting, to security and door cameras, they can save effort as well as money for those who live there.

BuyAssociation has a range of property investment opportunities that employ proptech offerings, from virtual tours to smart technology homes. Get in touch to find out more. 

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800

ba-

Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator

.

Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.

Login

Not a member? Sign up for free

proptech

Proptech progress: how buyers and tenants search for homes

Example

By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.