Changing demographics and evolution in technology are having a significant impact on the future of UK housing. Many are hoping that the nation’s housing crisis will be alleviated thanks to technological innovation.
ResiConf, the biggest property conference in the UK, had the issue on the agenda at this year’s event, centred around the theme of correcting of Britain's "broken" housing market. Fixes are desperately needed, as there is a severe shortage of homes and builders are failing to keep up with demand. Rising prices and rents are also keeping young professionals and first-time buyers off of the property ladder.
The chief topics of discussion at this year’s ResiConf are discussed below.
- Factory-built homes are on the rise
A lot of talks focused on modular homes, otherwise known as prefabricated housing. These affordable properties are assembled in factories across the UK and then delivered to the client’s site.
Many regard modular homes as a solution to the housing crisis, especially in communities where space is at a premium. Lower costs make it possible to offer high-quality affordable homes at around 80% of the local market value. A potential downside is a comparatively small size, but the waiting list for a modular home from the pre-fab company Pocket is still over 35,000.
- Proptech can make land available while reducing costs
Property technology, or Proptech for short, is showing signs of imminent groundbreaking innovations. For example, software firm Land Insight is obtaining valuable data from the Land Registry and local government to help developers pinpoint potential sites quickly and at less expense than traditional methods.