6 Mar 2019
06 March 2019, London: The UK is well placed to capture the lead as a global hub for real estate technology and innovation, British Property Federation-commissioned research from PropTech expert Dan Hughes has found.
The LIQUID Report: Leading the Digital Transformation of Global Real Estate, published today, shows that the UK is already a front runner in terms of its capacity for innovation, data infrastructure, market transparency and quality of education, but falls behind other countries in terms of venture capital investment and technology infrastructure.
Despite these attributes, some of which have high barriers to entry for other nations, the research highlighted the need for the UK to develop a joined-up PropTech strategy and roadmap to remain competitive on the global stage.
It makes recommendations for industry and government, including the need for a new ‘digital real estate forum’ to connect the myriad PropTech initiatives that exist in real estate, the tech sector and across government departments.
It also calls for action to drive greater investment into research and development, and for the real estate sector to put digitalisation at the heart of its business strategies and to build digital skills into all staff training.
Dan Hughes, founder and CEO of LIQUID REI, 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.”
Responding to the research, Melanie Leech, CEO of the British Property Federation, said today: “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.”
The LIQUID Report: Leading the Digital Transformation of Global Real Estate, makes a number of key recommendations across three broad themes.
Foundations for the Future:
A Joined-up Government:
Innovation and Adoption:
The LIQUID Report was commissioned by BPF as part of its technology and innovation programme, which launched in September 2018 with a remit to explore how to modernise the sector and bridge the UK real estate productivity gap. It follows Lost in Translation: how can real estate make the most of the PropTech revolution?, produced by Future Cities Catapult.
The LIQUID Report: Leading the Digital Transformation of Global Real Estate can be downloaded here.