THE Government is looking to offer the UK property technology sector (PropTech) a bonanza of local data to fuel a ‘digital revolution’ in property.
Housing minister Esther McVey said the plans to release data held by local bodies would enable the PropTech sector to thrive in the property building and buying market.
The sector, a growing industry, is said to be already worth £6 billion in the UK, according to the Ministry of Housing Communities & Local Government (MHCLG), and receives 10% of global PropTech investment.
The kind of data that would be ‘unlocked’ and made available to PropTech firms includes compulsory purchase order (CPO) data, allowing businesses to obtain things like energy performance certificates and the square footage information of properties.
Under the proposals, the Government would also introduce a national index of all brownfield data, which the MHCLG claims will simplify and improve the quality of Brownfield Land Registers so developers will find it easier to find brownfield land to build on.
“We’ve had revolutions in the way that financial services, online banking and transport are provided, turning once unimaginable possibilities into everyday realities. Now it’s the turn of the UK property market,” McVey said.
“Whatever homebuyers prioritise, whether it’s 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’s time to harness new technology to unlock land and unleash the potential of housebuilders in all parts of the country and to revolutionise the way in which we buy homes.”