How 2020 may have just rewritten the rules of the property market

Following a bleak few months across the globe for finances and economic downturn, it may not seem like such a dismal outlook for the property market at all. In fact, the obstacles that the property market has faced amid the pandemic may have just turned the way we see buying, selling and renting on its head. Opening up a plethora of new opportunities for the sector and working far more effectively and efficiently for its customers, property may have just had a revamp that could make the entire industry far more accessible. With new Housing Association guides being released on how Covid has changed house hunting and how you can stay safe, it is clear significant changes to the sector are ahead. 

A technocratic age 

There’s no question, Covid-19 has led our workforce and our lives to be far more digitally savvy. With no choice but to use Zoom, plan meetings and presentations over video call, and reaching out into social media realms to connect with customers, this fast-track adaption into a more online approach has created waves within the property market. On top of this, more businesses have been looking into Microsoft Teams direct routing and how it works as a way to improve communication even long after Covid-19. With the sector temporarily put on hold at the beginning of March after the government urged people not to move and postpone relocating amid lockdown, Zoopla saw a 215% increase in its use of virtual house tours. These tours are taken by a 3D camera that provides a “doll house” like view of a property and has become popular with many overseas buyers particularly in the London housing market. The sale of these cameras has seen an increase of 630% amid the pandemic as we watch how the industry is investing in the scope new tech can bring. With many estate agents feeling the need to allow for a no-contact aspect to their house viewings, this virtual alternative is predicted to become a far more popular way to get a feel for a home in the initial stages of buying. 

A Birds-Eye View 

Drone Technology has also become a key way of presenting the location and surrounding of a home while making for a great promotional video on social media. Affordable housing sites such as are already utilizing the spectrum of vision and aspect you get from a drone view and the rest of the housing market is quickly catching on. With many new and up-coming housing developments including Artisan and East London being shot professionally for its first-time buyer audience. Many buyers are being motivated by having a shopwindow aspect to buying their home and so the industry is becoming a far more technologically driven sector and particularly more palatable for the social media savvy millennial. 

With estate agents also taking a far more digital approach and online property portals becoming the leading way to view and browse the housing market, there’s no doubt that the property market is not what it once was and perhaps, will never be again. With leading property portals such as making browsing shared ownership, help to buy and affordable properties a far smoother venture, finding your first home really does seem like a click away. While Covid has had a huge impact on all our lives it’s the changes it’s had on the industries that shape the way we live our lives that could have the biggest impact on the future.