Proptech: how the internet is changing the housing market
by Housesimple on 5th May 2017
With around 80% of UK house hunters starting their search on the internet these days, the chances are you've used a bit of proptech. This might mean you've trawled through Google search listings, joined a 'roommates wanted' group for students, or signed up to an online property platform. The internet’s had a huge influence on how we find homes today and, in 2017, the proptech market's booming.
More than just Rightmove
You can’t talk about proptech – or property technology – without mentioning the original duo: Rightmove and Zoopla. These property platforms were among the first companies to let you advertise your house online, drawing in a much bigger audience than if you only used a local high street agent.
Now there’s proptech to suit every element of buying, selling or renting a home. Today, you can find apps to help you house hunt, split bills between you and your housemates or rate the WiFi in your building.
The changing market
As the world becomes even more tech-focused, the future of the property market looks cheaper, easier to use and increasingly online. Brexit triggered a bit of a tumble in high street agents’ share prices, with Foxtons losing 47.5% and Countrywide down almost 57%.
The old model just doesn’t fit with today's homebuyers. When you save up to buy a house, you want as much of that hard-earned cash to go into your new property as possible, and not spent on extra fees. And this means taking more services online, but without sacrificing on the quality of service.
The numbers behind HouseSimple.com
Since we launched in 2015, HouseSimple.com have completed more than 18,000 property sales. Our fees, which start at £595, are much lower than what the average high street agent will charge you.
Right now, online estate agencies have around 5% of the market share – though with more people turning to the internet for housing than ever before, that’s bound to change. HouseSimple CEO Alex Gosling estimates that, by 2020, as many as one in five sales could take place online.