A recent survey by Moverly, a leading provider of Material Information and digital property packs, has revealed that a vast majority of UK property professionals believe technology has significantly improved both the operational efficiency of the property market and the experience for buyers and sellers. The study highlights that advancements such as property portals and online conveyancing are among the most positive changes driven by technology.
The survey, which gathered insights from a wide range of property professionals across the UK, found that an overwhelming 90% believe technology has fundamentally changed the landscape of the UK property market. Moreover, 76% agree that these advancements have enhanced the operational efficiency of buying and selling homes, while 70% believe that technology has improved the overall consumer experience.
Key technological advancements
When asked to identify the most impactful technological advancements, property professionals overwhelmingly pointed to online property portals as the leading innovation. These platforms have revolutionised the market by enabling agents to advertise properties nationally, while buyers and sellers can easily search for their next home from the comfort of their living rooms.
In addition to property portals, cloud-based property management systems were ranked as the second most positive change. Online conveyancing also received high marks, followed by augmented reality, 3D floor plan technology, and customer relationship management (CRM) systems.
However, despite the progress in CRM systems, digital services and chatbots used to manage customer relationships were viewed less favourably, ranking as the least positive tech advancement.
Industry insight on future improvements
Gemma Young, CEO of Moverly, reflected on the survey’s findings: “The industry has come a very long way thanks to the evolution of technology, and it has allowed us to streamline the property transaction process immensely, whilst also providing a better product to the consumer as a result.”
Young also pointed out that while technology has made significant strides, there is still room for improvement. “There will always need to be a balance between great tech and great people, but current technology offerings are fragmented at best,” she said.
Despite the advancements, many areas of the home buying and selling process remain prone to operational inefficiencies. Young emphasised that upfront material information is crucial for further improving the property transaction process, ensuring that other elements of the system can function smoothly.
