Technology Driving Change In Property Market

29th April 2020

It is imperative we all follow guidance and advice during the Coronavirus situation. The Government has issued guidance to the housing market, and at Merrys, we are following these recommendations as best we can. We are still on hand to provide you with assistance should you require it, but we are social distancing.

Property deals are still taking place, and this will continue to be the case.

If you are looking for any guidance or information on the current state of the property market, please get in touch.

Current state of the property market

Government advice to the public concerning house moves centres on:

• Homebuyers and renters should, where possible, delay moving to a new house while measures are in place to fight coronavirus (COVID-19)
• Our advice is that if you have already exchanged contracts and the property is currently occupied, then all parties should work together to agree to a delay or another way to resolve this matter

Virtual viewings recognised as the way forward in housing sector

The Government guidance highlights the importance of virtual viewings, and this technology which is important now. It is also technology which will drive the housing market forward. Video technology has been increasingly important in the housing and letting market in recent years.

The housing sector has proven itself to be robust and adaptable to change. You only need to consider the evolution in the market alongside the growth of the internet and social media.

There will be greater demand for video content in property market

You should also consider the heightened demand for video content in the future. With remote working allowing many people to develop their confidence and competence in using live video chat, this will be an in-demand service. Anything which makes people’s life easier and more convenient to manage will be in high demand.

Therefore, it is likely that buyers, vendors and agents have reasons to welcome virtual viewings and video technology.

·         Some of the ways video technology can be used in the property market, include:

·         Live “open house” sessions where many viewers can take a tour of the property at the same time

·         Live property tours conducted by an agent, who will be on hand to answer questions

·         Question and answer sessions from an agent, providing prospective buyers with guidance and information

·         Virtual property tours, available on websites 24 hours a day, seven days a week

One way in which virtual tours may impact the housing market is there will be fewer viewings. However, this isn’t a bad outcome. While the number of viewings may fall, the level of buyer intent with each viewing will likely be higher. This helps to save time and minimise frustration for vendors and agents.

We know a lot of people are looking for guidance and assistance right now. If we can be of any assistance, we will. Therefore, if you have any housing market questions, please contact Merrys today, and we will be happy to help.