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How technology is impacting the property market

Technology is a catalyst for change in all areas of business and economic markets, and the property market is just one part of this revolution. New technology is impacting many facets of the property market, from how property is marketed and sold to the areas that are most in demand.

Location

As industry becomes more mechanised and more and more jobs are able to be carried out remotely thanks to the internet and communications technology, people no longer necessarily need to live in concentrated urban areas. Whereas the industrial revolution brought people from rural areas to large urban centres to work in factories and other production centres, the technological revolution is allowing a change in the other direction.

In recent years, people have been able to move away from London to other cities in the UK, where the cost of living is much lower. Cities like Norwich represent better value for money and a chance to invest in property that would otherwise be out of financial reach.

The rise of telecommuting and remote working has also impacted the commercial property market, with a reduced need for office space for businesses. There has also been a rise in the availability of co-working and shared office space.

The buying process

Of course, the internet has completely changed how we look for and find property to purchase. While high street estate agents still exist, it is now possible to locate suitable property around the country from the comfort of your living room or even on the move using your phone.

It’s possible to view photos, floorplans and even take virtual tours of property online. New technology including virtual reality may even further enhance this process in the coming years.

Online agents are also increasingly using chatbots to improve the customer service process. This technology is a great way to attract and engage potential investors, and can result in higher lead conversions.

Transactions

The rise of cryptocurrencies and the technology that drives it, Blockchain, is potentially changing the way that we all pay for property or maker large investments. It is already possible to buy property using Bitcoin and there are all sorts of potentially new ways for making transactions in the future.

Technology is impacting on every part of our lives, and the real estate market is no different. Some changes will be small, and some will revolutionise the way the whole market works.

To find out more about the local and national property market, or if you would like to chat about anything to do with property investment, give us a ring on Norwich 01603 567804 or send us a message.

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