Unlocking Innovation and Growth in the Property Ecosystem
In a groundbreaking report published today (1 August), the Geospatial Commission sheds light on the transformative potential of emerging technologies and location data in the UK property industry. The report emphasizes how data-enabled digital tools can revolutionize the sector, opening up new opportunities for growth and innovation.
Paving the Way for a Data-Driven Property Revolution
The property industry in the UK is experiencing a technological revolution, with the rapid adoption of data-driven digital tools. At the heart of this revolution lies location data, services, and applications, which play a pivotal role in various aspects of the property sector.
From town planning and site identification to property management and retrofitting, location data is indispensable for the sector’s efficient functioning.
Location Data Empowering the Property Ecosystem
Contributing an estimated £100 billion to the UK economy annually, the property sector’s significance cannot be overstated. To achieve its economic, social, and environmental goals, a spatial perspective is vital. This approach can enhance productivity, fuel innovation, improve residential areas, and contribute to net-zero commitments.
Alexandra Notay, Independent Commissioner of the Geospatial Commission, underlines the crucial role of the property ecosystem as the backbone of our daily lives.
While acknowledging the potential of emerging technologies and location data-driven opportunities for the property industry, she highlights the need for a systematic approach to innovation and technology across diverse asset classes and property types. The report, she believes, can serve as a catalyst for enabling transformative change.
Location Data Driving Innovation Across the Property Lifecycle
The report identifies key initiatives already underway within the property sector and highlights additional opportunities for location data, services, and applications to propel innovation across the property life cycle.
Some of these opportunities include:
- Digitizing the property buying and selling process and ensuring data interoperability to streamline the end-to-end process.
- Supporting the deployment of green technologies, such as solar panels, heat pumps, insulation, and energy efficiency solutions, by identifying areas where they can have the most significant impact.
- Improving industry productivity by leveraging location data collected and created during design and construction to reduce costs and enhance the targeting and design of retrofitting interventions.
Cross-Cutting Themes to Maximize Location Data Potential
The report sets out four cross-cutting themes that are vital for harnessing the full potential of location data, services, and applications in the property sector:
- Viewing property as a complex interconnected system, thereby recognizing the intricate relationships between different elements.
- Emphasizing the importance of a strategic approach to data access and utilization.
- Understanding the role of location data and services at various stages of the property lifecycle, from land use and planning to design, construction, buying, selling, safety, and operations.
- Addressing broader themes of retrofit and regeneration to drive sustainable development and growth.
As the property sector eagerly embraces the digital revolution powered by location data and digital tools, it holds the promise of ushering in an era of unprecedented innovation, growth, and sustainability.
With the Geospatial Commission’s report serving as a guiding beacon, the industry can wholeheartedly seize the vast potential lying ahead and confidently embark on a transformative path of change.
Comments
Dan Hughes, Alpha Property Insight and Real Estate Data Foundation said:
The property sector is at the heart of a thriving economy, our impact on the planet and a healthy society, and the effective use of data is becoming increasingly important in ensuring that it operates effectively.
The world is changing rapidly and so the depth and breadth of data used by property is growing equally fast and at the heart of this is high quality and trusted location data.
For many years, the UK has had one of the strongest property market data infrastructures which has been a key element in the UK being recognised as one of the leading global property markets.
As the world evolves, it is important that the approach to data does too and so this report, and the actions identified, are very welcome to enable the property sector to meet the needs of society, the planet and the UK economy.
Lynne Nicholson, Head of Data, HM Land Registry said:
HM Land Registry was pleased to work with the Geospatial Commission on this report which outlines the immense potential value of geospatial data for the UK economy.
As one of the governmental bodies which holds significant geospatial data, HM Land Registry is committed to unlocking its value and supporting its re-use by making it more FAIR, in alignment with the UK Geospatial Strategy 2030.
By sponsoring the award-winning Geovation Accelerator Programme, we are supporting the next generation of innovative Proptech start-ups using location data to revolutionise the property sector.
Sources: THX News, Department for Science, Innovation and Technology & Geospatial Commission.
