The UK can build on its successes to lead the digital transformation of global real estate, according to a recent report from the British Property Federation (BPF) and LIQUID Real Estate Innovation.
A new government-backed digital real estate forum connecting PropTech initiatives, new strategies to unlock R&D spending and a renewed focus on digitalisation at the heart of real estate business strategy could lead this transformation, according to the report form the BPF and LIQUID.
The UK is already a front runner in terms of its capacity for innovation, data infrastructure, market transparency and quality of education, but falls short of other countries in terms of venture capital investment and technology infrastructure.
To stay ahead of the digital transformation taking place in the industry, there is a need for the UK to develop a joined-up PropTech strategy and a roadmap to remain competitive on the global stage, according to the recent report.
A new ‘digital real estate forum’ to connect the myriad PropTech initiatives that exist in real estate, the tech sector and across government departments, is recommended in the recent report from the BPF and LIQUID.
It also calls for an effort to drive greater investment into research and development, as well as digitalisation, in order to become central to any development in the industry, placing it at the heart of business strategies. This means building digital skills into all future staff training to bring the industry up to speed.
Developing the right infrastructure
Dan Hughes, founder and CEO of LIQUID Real Estate Innovation, said: “To enable the successful digital transformation of a country’s real estate, and in turn to allow this to become an economy’s global differentiator, it is essential that the right environment and infrastructure exist. The UK is well-placed in comparison to other countries, but there is still much to do. To capture the lead in the space, the sector must act now, focus on outcomes, collaborate and play to its strengths.”
Melanie Leech, CEO of the British Property Federation, commented: “The BPF has an important role to play as a convener across the industry, providing a single voice to work with government, to join the dots between the many initiatives already underway, bringing digital transformation to property, and at a grass roots level, working with businesses to learn from each other, and from other sectors, to embed best practice and to help them to navigate the new digital landscape.”