Digital revolution forecast in the property sector

The Housing Minister, Esther McVey, has announced that data compiled by local authorities will be released so as to allow the UK PropTech sector to set about a digital revolution within the property sector.

This digital revolution will involve the release of Compulsory Purchase Order (CPO) data to make the property sector more transparent and will allow PropTech firms to access and compile information from energy certificates to the square footage of properties while also making it possible to create a national index of brownfield site data.

Such a release of data, and the subsequent databases which PropTech firms will create, will allow home buyers to make better informed decisions when purchasing a property, allowing them to calculate potential bills and commute times, while also allowing developers to decide where the locations will be for brownfield site developments.

It is therefore hoped that this will encourage the utilisation of brownfield construction sites and will then protect the green belt whilst increasing the number of homes built through making potential sites easier to identify.

Minister McVey stated: “We have had revolutions in the way that financial services, online banking and transport are provided, turning once unimaginable possibilities into everyday realities. Now it is the turn of the UK property market.

“Whatever home buyers prioritise, whether it is 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 is time to harness new technology to unlock land and unleash the potential of house builders in all parts of the country and to revolutionise the way in which we buy homes.”

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