As new tech start-ups are developing with net-zero already a focus, Quadrant Smart looks at how one company will change the property market with innovative technology.
Moving and selling homes is never easy. With inflated prices, desperate buyers and sales that fall through, the need for innovative technology to sustain this is ever prominent.
Latest figures show that while over a million transactions were completed last year, 225,000 additional sales fell through before reaching completion, costing the sector £600 million.
With energy efficiency and retrofits in homes now more important than ever, the likelihood of property fall throughs is only expected to rise due to insufficient information or awareness given.
Propflo aims to challenge this through its property transparency platform; a new approach to creating more trust when buying or selling residential property.
Between 40% to 60% of transactions fall through due to buyers or sellers being unprepared
The Bristol-based tech start-up is challenging the property transparency and sustainability status-quo through its new approach to the property market.
The platform features a dynamic property score as well as support to get buyers and sellers prepared. Propflo also enables professionals to have more meaningful interactions and allows buyers and sellers to see key information, such as sustainability within the home, when searching on property portals.
Starting up with net-zero targets in mind, will innovation like this be needed for decarbonisation across the whole housing sector?
Luke Loveridge, founder at Propflo spoke to Quadrant Smart about the sustainability benefits within the new platform. He said: “I’m shocked by our research showing that most people rank sustainability, including energy efficiency, last when searching for a new home.”
There are transparency and sustainability awareness issues we need to address. Our mission at Propflo is to empower people to make the best and most sustainable decisions when buying or selling their home.
The property transaction transparency and decision support platform are powered by a form of artificial intelligence. It was founded by Proptech entrepreneur Luke Loveridge and geospatial and risk data scientist Dr Daniel Moyo.
The platform will be available to consumers and property professionals in 2022
One of the main features of the platform is a ‘Sustainability Investment Checker’, which will allow the user to see how much work is needed to improve energy efficiency, what the financial return is, and what other benefits you could get.
This feature changes the game for property buying and sales and is the innovation needed to boost property developers to ensure sustainability is at the top of their priority list for the future.
Other key features include ‘Property Scoring and Reports’, showing strengths and risks associated with the property such as flooding, radon, and restrictive covenants and ‘Buyer and Seller Readiness’ features to get people more prepared and stand-out from the crowd; from evidencing a deposit and mortgage in principle to supplying legal documents and other property documentation earlier.
For more information on Propflo and to pre-register visit propflo.co.uk.