In recent years, the UK property market has seen huge periods of well-publicised growth, but this has not been the only significant change; the way in which consumers interact with property is transforming. A huge number of entrepreneurs, from ex-CEOs to former Dragons’ Den contestants, have raced to launch their PropTech start-ups in time to become an established part of this emerging sector. From digital mortgage brokers to property-backed peer-to-peer investment platforms, “PropTech innovations are fast becoming an integral part of the UK property industry” says TheHouseShop.
What is PropTech?
‘PropTech’ is short for Property Technology.
The term encompasses technology such as websites, apps and online platforms that are revolutionising the way consumers buy, sell and invest in property.
Who are the market leaders?
You may be surprised to learn how many PropTech companies you’re already familiar with, or perhaps even use.
Property websites Zoopla and Rightmove have dominated the UK PropTech Market since they launched over a decade ago and, for many people, are two of the most recognisable examples of PropTech. Rightmove receive 120 million visits to their website per month!
Online estate agent Purple Bricks have also established their position in the mainstream market, reporting a 150% increase in revenue in the 6 months to October 2017.
Who should you look out for in 2018?
As well as the major players, the PropTech sector is home to a huge number of exciting new ideas with potential to completely change the game! Companies worth watching in 2018 include:
No Agent, an online solution for landlords wishing to find tenants and manage their rental properties. They aim to overhaul the traditional rental market by offering a more affordable, internet-based solution for landlords to find, reference and credit check tenants as well as organising property maintenance as needed.
Kuflink, an online peer-to-peer platform where you can invest in loans secured against UK property. Investors can register an account, transfer as little as £100 to their online wallet, choose which loans they would like to invest in and earn up to 7.2% interest pa gross!*
Reposit, that offers a deposit service for tenants who wish to avoid the usual deposit of one to two months’ rent, by offering them the option to pay a non-refundable amount equal to one weeks’ rent. The firm want to make renting more accessible whilst still offering security for landlords.
Appear Here, which links retailers in need of a short-term rental spaces with landlords who can provide exactly that. Their service mainly facilitates pop-up shops and stalls, and clients so far include big brands such as Dior.
If you’re keen to be a part of the PropTech revolution, peer-to-peer lending could offer you an accessible way to share in the success of this emerging market. To find out more about how it works and what’s on offer, visit the Kuflink website.