8 September 2021
From online valuations and e-signatures to mortgage passports and ‘one-click’ home loans, Pete Mugleston predicts how technology is set to transform the process of buying a home.
The past 16 months or so have proven not only that the housing market can change at the drop of the hat but also that it is – unexpectedly – quite resilient. Indeed, house prices have continued to rise, despite the economic uncertainty of the pandemic.
Although the mortgage industry has always been heavily reliant on face-to-face transactions, estate agents and brokers have turned to digital technology to continue to serve customers through video conference applications, such as Skype, Zoom and Microsoft Teams, to keep mortgage applications on track.
Along with this, conferences, roadshows, and other important industry events have been able to continue by moving online, helping to sustain relationships with prospective buyers.
Similarly, Automated Valuation Models (AVMs) have been a saving grace for the mortgage industry during the pandemic when physical valuations were not possible, especially since they’re instantaneous (and usually free!).
Virtual property tours also helped to fill a void, which was a useful stopgap for unprecedented circumstances like these.