How the property market is being driven by technology

If you have a smartphone, you have more computing technology in your pocket or bag than the earliest home computers. You can connect to the internet on the go and you can, if you wish, control an increasing number of devices using an app on your phone. In short, technology is popping up in all kinds of places and it’s certainly influencing many industries, including the property market.

The need for speed

Depending on where you live, your internet connection may be anything from superfast fibre optic broadband to the digital equivalent of a lethargic tortoise. This can have a significant impact on your house price, especially in metropolitan areas where internet speeds can vary not just from area to area but also from street to street.

Hopefully, over the long term, this will even itself out and there is certainly a political consensus that this disparity needs to be addressed. In the meantime, however, homebuyers will continue to do their research on internet speeds before committing to a UK property investment and investors may be able to get ahead of the curve by looking for areas which are due to receive updated digital infrastructure in the same way that they already look for areas which are due to receive other forms of infrastructure upgrades, like new transport links.

The importance of networking

In the business world, the importance of being connected has long been understood. The regular internet took that a step further and allowed humans to connect with each other even when they lived on other sides of the planet. Now, machines are getting in on the act and standard household appliances are beginning to develop the capability to take over some of the many necessary but boring tasks, currently performed by humans and/or to be operated remotely through an app, meaning they can be controlled regardless of whether or not the home owner is in the property.

In short, we’re now on the point of the next great step forward in home technology. A few decades ago, the arrival of appliances such as washing machines and dishwashers thrilled people used to manual cleaning. Today’s generation of adults now simply expect these items to be present and today’s generation of children will grow up seeing the internet of things as just a part of everyday life, especially since property developers are sure to start to incorporate smart technology into their developments whenever they can do so, in order to appeal to modern buyers.

The importance of saving time

Speaking of modern buyers, technology is already playing a major role in the buying and selling process. Probably the most obvious example of this is the fact that estate agents now consider it essential to be online and some are now creating their own apps to showcase the homes they have available. There is also an increasing use of video tours to supplement those all-important photos. In coming years, expect to see technology being used to update the actual purchase process to make it much faster, for example, we may see it become acceptable to have electronic-only copies of legal documents, provided they are secured in an appropriate way.

For more information on getting into the UK property market or on buy-to-let investment, please contact Hopwood House.

Claire James
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