The Government has launched a partnership to support PropTech adoption and assist with planning system reform.
The partnership follows the recent launch of The Opportunity for PropTech: Leveraging technology for the UK’s built environment, commissioned by the Ministry of Housing, Communities and Local Government (MHCLG) to support its Digital Planning Programme.
The report highlighted an increase in investment opportunities for the sector, with projected growth of 19.7% by 2032, and included measures intended to encourage growth and investment.
The partnership aims to increase collaboration between PropTech suppliers, private sector companies and public sector organisations.
Regional events, roundtables and working groups will be used to develop a more connected network and to address systemic challenges.
It also intends to raise industry awareness of PropTech solutions and their application across the UK by highlighting existing examples and identifying opportunities to address specific industry and local challenges.
The programme will seek to reduce market barriers and support the adoption of PropTech through regional roadshows and the provision of resources for companies aiming to expand.
Through further roundtables and working groups, the partnership will develop policy recommendations to support Government interventions focused on accelerating PropTech adoption.
These recommendations are expected to address regulatory and market challenges and propose changes including streamlined regulations, procurement reforms and incentives for early adoption.
The programme will also provide PropTech companies with access to additional resources, support and market integration opportunities to help them scale within the UK property market.
Sammy Pahal, managing director at UK PropTech Association, said: “The UK PropTech sector is rightly acknowledged to play a crucial role in driving growth, enhance productivity, and deliver long-term benefits for the UK economy and society.
“However, there is an urgent need to coordinate efforts to realise the full potential of PropTech and support companies to scale.
“While the sector has demonstrated value and there has been an increase in willingness to adopt PropTech – with a potential spend of £600m in the public sector alone, in order for the full value to be realised solutions need to be scaled at a faster pace and more widely adopted across both public and private sectors.”
Pahal added: “This is why this grant funding partnership approach is so important.
“As it will enable the sector to grow by drawing on the association’s industry influence and diverse membership base to deliver key workstreams and better utilise the knowledge and experience they have to drive digital transformation and thus economic growth in the UK.”
