This overview will give you a look at how the UK government is getting more involved with the PropTech sector in order to reach their own targets, such as, increasing the number of new homes, digitising the land registry, making renting more affordable etc…
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How is the UK Government supporting PropTech?
What has been done so far?…
1. This week, FUTURE:PropTech spoke with the Future Sectors Team at the Department for Business, Energy & Industrial Strategy. This team are focusing heavily on artificial intelligence and big data; clean growth; the future of mobility. They have also released a fascinating white paper outlining their Industrial Strategy and we are glad to see PropTech will be a big part of that. Read it here. They are working closely with the MHCLG, who are partners of ours. Watch our panel discussion, where MHCLG discuss 'Solving the housing crisis with innovation'.
2. We were very lucky to welcome the man behind HM Land Registry's digital movement, John Abbot to FUTURE:PropTech this year, where he gave a fascinating keynote speech on the digital development of the registrar and other digital projects which they have trialed and launched. The number of incredible companies working with him in partnership is outstanding. You can hear the entire speech here. Definitely worth watching to learn more about and their collaborative efforts. You can also read our interview with John earlier this year here!**Suggested reading – Open Innovation: The New Imperative for Creating and Profiting from Technology, by Henry Chesbrough. If you want an overview on Open Innovation, check out this FORBES article. **
3. £2m Rent Recognition Challenge. This year, 6 winners were chosen from a competition which was launched by the UK Treasury to create apps and technology to enable renters to boost their credit scores to help them onto the property ladder. In an effort to tackle the challenges faced by 1000's of tenants, whose monthly rental payments do not count towards boosting their credit scores for when they do try to buy their new home. The Treasury's scheme aims to introduce new technology to the sector that will enable such a facility. Out of the six companies – which are Bud, Canopy, CreditLadder, FirstHomeCoach, Movem and RentalStep – 3 finalists have been chosen to receive additional funding of £2m in order to get their ideas to market. The final stage winners of the Rent Recognition Challenge are CreditLadder, Bud, and RentalStep,
4. The government launched a bid earlier this year to stimulate innovation within the proptech industry via a funding round backed by HM Registry and Ordnance Survey.Entrepreneurs with ideas or fledgling businesses in need of cash and expertise were invited to bid for funding of up to £20,000 each. Our 2018 partners at Geovation also say it has directly funded and supported 72 start-ups which in turn has created 152 jobs and helped the companies raise £17 million in additional funding from investors.
Here are the companies which were chosen!
The GeoTech businesses accepted onto the Programme:
Mothive is an automated agronomy service to help farm managers maximise efficiency, reduce waste and improve the predictability and control of crops. https://www.mothive.com/
Pocket Pals is a mobile animation game to encourage young people and families to engage with and visit the real wildlife local to them. https://www.pocketpalsapp.com/
Trik is a 3D mapping and reporting system to deliver drone-collected data into higher quality, digital, structural inspections available on a mobile tablet. https://www.gettrik.com/
The PropTech businesses accepted on the Programme:
Skyscape uses AI to analyse rooftops and identify opportunities to maximise utilisation and address urban challenges. Its rooftop data analytics platform enables asset managers to efficiently identify opportunities for utilising rooftop space, where value of existing and future stock can be increased. https://skyscape.global/
ThirdFort is a security enhancement tool to help property solicitors more efficiently process property transactions. https://www.thirdfort.com/
Fruumi is a friendly and efficient end-to-end shared accommodation platform that empowers landlords to let out their property at lower risk and cost. https://www.fruumi.com/
Hipla is a platform to help buyers evidence their own buyer position, and for owners and estate agents to quality buyers, giving better transparency earlier in the process, whilst enabling opportunities for selling additional services and attracting sellers. https://www.hipla.co.uk/
Some of the winners from the challenge – Mothive and Pocket Pals
For those interested in the UK housing crisis, and to see what's being done about it, we recommend reading the Chancellors Spring Statement:
5. Chancellors 2018 Spring Statement This report outlines an ambitious plan to tackle the UK's housing challenge and build the homes the country needs. An investment programme of at least £44 billion over the next five years was announced at Autumn Budget 2017, putting them on track to raise the supply of homes to 300,000 a year on average by the mid-2020s. Spring Statement 2018 confirms that they are getting on with the job:
- They are working with 44 areas on their bids into the £4.1 billion Housing Infrastructure Fund to help build the homes that the country needs
- The Housing Growth Partnership, which provides financial support for small housebuilders, will be more than doubled to £220 million
- London will receive £1.67 billion to start building a further 27,000 affordable homes by the end of 2021-22
- To help people getting onto the housing ladder, stamp duty for first-time buyers of homes under £300,000 was abolished at Autumn Budget 2017, with buyers of properties up to £500,000 benefiting from the change. An estimated 60,000 first-time buyers have benefited so far.