"Prospective buyers can now use AI tools to understand their spending habits better and adjust their expenditures to save more efficiently for a house deposit or even to be in a position to better afford the monthly outgoings that come with owning a home."
- Pete Mugleston - Online Mortgage Advisor
The property market has adapted and welcomed many innovations in recent years that have made the process of buying properties easier. In 2024, these innovations are reaching new heights, from virtual home tours to apps that help you save for your first mortgage.
Looking to the future, Pete Mugleston, MD and mortgage expert at Online Mortgage Advisor, gives his thoughts on how technology is changing the way we buy homes.
Increase in online approvals
One of the most significant changes in recent years has been the rise of online mortgage applications. The ability to apply online has simplified the application process, making it less time-consuming, and allowing potential buyers to apply for mortgages from anywhere at any time. New Artificial Intelligence (AI) algorithms enhance this process further by swiftly assessing applicant data to determine creditworthiness and risk.
AR and virtual home tours
Virtual home tours and Augmented Reality (AR) are gaining traction. They offer prospective buyers the ability to tour properties remotely, without the need to carve out a little time in the day to attend a property in person.
Virtual tours not only save time but also broaden the search area for potential buyers who can now consider properties beyond their immediate area. For sellers and estate agents, this technology means there is now a larger pool of potential buyers and reduced time in which properties spend on the market.
Artificial Intelligence boom
It comes as no surprise that AI has started to be used in the property industry. Prospective buyers can now use AI tools to understand their spending habits better and adjust their expenditures to save more efficiently for a house deposit or even to be in a position to better afford the monthly outgoings that come with owning a home.
We can also expect these tools to help improve property valuation by using historical sales data from nearby properties to accurately predict future property values and possible trends.
Rise in property apps
A growing number of mobile apps are simplifying the previously complex processes of buying and selling properties. These digital platforms, including the likes of Rightmove and Zoopla, allow users to access detailed information about prospective properties with just a few clicks, streamlining searches significantly.
Apps such as Purplebricks allow owners to sell their homes by themselves without using an estate agent. The sophistication of such apps is also reducing the traditional costs associated with purchasing a property, such as fees for solicitors and estate agents.
Smarter properties
Smart home technology is becoming a staple in the property market, with many newly built homes incorporating smart technology with their homes, including video doorbells, smart thermostats and integrated security systems.
In the future, we can expect these features to become even more integrated and user-friendly. Enhancing the living experience by making homes more energy-efficient, secure and convenient.
