How might buying and selling property change in the years ahead?

In the past few years or so, technology has taken large strides and now infiltrates virtually all aspects of our lives. Social media has transformed the way people communicate with their friends and relatives. But one of the biggest changes technology has brought to us is the way we buy things.

Online shopping is now a huge part of the retail business world. People can buy almost all the things they want online, and this has had a huge impact on traditional retailers. Many high street businesses have succumbed to the online competition and have thrown in the towel. However, others have chosen to adapt, incorporating the digital world into their business operations.

Estate agents have not been immune to the changes brought about by the advent of the internet, and many are aware of the challenges the future will bring.

Digital mortgage deeds

Anyone who has bought or sold property in England will know how stressful the process can be. It is time-consuming and expensive for both buyers and sellers, while over 25% of transactions end with no sale being completed. To tackle this problem, the government has initiated a plan to reform the process to make buying and selling property easier for all involved.

HM Land Registry also has plans to embrace digitisation, and the first digital mortgage deed has already been signed. The digital deed can be completed by the borrower and signed online. The borrower will have to provide proof of identity to guard against mortgage fraud. But digital mortgage forms are just the tip of the iceberg when it comes to how things will change in the future.

The virtual world of house viewing

Technology in the shape of apps, virtual reality headsets and drones are all part of the way houses will be viewed and sold in the future, and this future is not very far away. Experts are predicting these new methods of selling will be with us in the 2020s.

Technology will make it possible for people to view a property in new ways. There are already apps which allow people to view the roof of a property without the need for a ladder, while drone technology will make it easier for prospective buyers to view all aspects of the house they want to view as well as an aerial look at the surrounding area.

Meanwhile, the use of virtual reality headsets and 3D 360-degree cameras already allows prospective buyers to experience a tour of a property without ever leaving their own home.

The future

The above features are just some of the technologies that will change the way people buy and sell houses in the future. Haptic gloves (which, when worn, recreate the feeling of touch) will allow prospects to virtually feel an environment, and they will be able to virtually smell the environment of a house they are viewing using olfactory VR. Both these technologies are being developed.

Though we embrace all these new technologies, there is still something to be said for property market knowledge, personal advice and local market guidance, which we can offer. Get in touch today.