PropTech Today - Building a fairer future through technology

As a property market expert, I have been closely monitoring the challenges faced by the housing market, particularly the issue of affordability. The rising cost of housing, both for renters and buyers is making it increasingly difficult for people to secure a safe and comfortable place to call home.

The affordability crisis in the housing market is not just a problem for individual families and communities; it threatens the sustainability of the entire housing industry.

In addition, with the Future Homes Standard effective for new construction from 2025, the pressure will be on to achieve considerable savings in CO2 emissions by some 80 per cent against today’s standard of construction. To address this challenge and create a fairer future for all we need to explore innovative solutions and a collaborative approach across all sectors. One such solution towards this is the use of technology, specifically FinTech, PropTech, PlanTech and ConstructionTech to drive a meaningful change in meeting affordable housing needs.

Affordable housing as we all know is essential to creating a sustainable world. By leveraging the potential of technological advances, we can find new and imaginative solutions to the affordability crisis in more ways than Artificial Intelligence (AI) designed construction. The use of modern technologies and streamlined efficiencies can be integrated at all stages of the land identification process through from acquisition to build and then completion. These technologies can streamline processes, reduce costs, and create new opportunities for delivering affordable housing solutions.

Strained systems

Let’s not forget one of the primary challenges of the affordability crisis is the stress it places on social housing, creating more stress on already strained systems. One initiative which is aiming to tackle this is the DLUHC sponsored PropTech Innovation Fund which is working with 47 councils who are trialling PropTech to find new ways to address this challenge. The aim is to share learning back to the sector and drive innovation across the industry.

Local authorities adopting digital platforms are showing some interesting improvements in the planning system. By using technology to streamline processes and reduce costs, local authorities can free up resources to provide better housing solutions for their communities. However, it is essential to ensure that these solutions are accessible and equitable, providing everyone with access to affordable housing solutions.

To build a fairer future for all we need cross-sector collaboration. The housing industry, local and national governments, and technology companies must work together to find innovative solutions to the affordability crisis. By leveraging technology, we can drive meaningful change in the sector and create sustainable housing solutions for all.

Private investors

The need for a 15-20-year cross party government plan for housing delivery is crucial to providing the industry with stability and consistency. This plan would enable the industry to drive innovation and create sustainable housing solutions. The UK Government could increase its housing rates, making investment in affordable housing more viable for private investors. By making affordable housing more of an investment opportunity and embracing technological support, we can unlock new funding streams to drive the delivery of affordable housing solutions.

In conclusion, the affordability crisis in the housing market is a significant challenge that requires innovative solutions and a collaborative approach across all sectors. Technology has a vital role to play in driving meaningful change in the industry.

By leveraging technology, we can streamline processes, reduce costs, and create new solutions to the affordability crisis. However, it is essential to ensure these solutions are accessible and equitable, providing everyone with access to safe, affordable housing solutions.

With a cross-sector approach and a long-term plan for housing delivery, perhaps we can really build a fairer future for all.