In the week we bring the best of EG’s tech and innovation arm Halo into the magazine with a new dedicated technology section, much of the news in the sector remains focused on the ongoing Covid-19 pandemic.
It comes as little surprise that start-ups are suffering as the crisis continues. Nearly half of UK proptech firms are set for “survival mode” over the next three months, according to research by the UK PropTech Association. In a survey of its members on the impact of Covid-19 on their businesses, the UKPA found that 43% of proptech companies are planning for survival over the next quarter, 25% are preparing for stagnation and 6.3% fear closure. A quarter, however, remain bullish and expect growth.
While the crisis has hit many tech firms hard, it looks set to rapidly modernise swathes of the real estate sector as there has been an enforced recognition of the value of certain technologies that have been available for some time but that many were avoiding. From online viewings to a renewed appreciation for tools and platforms which allow property and asset managers to keep an eye on their portfolios without being there in person, the pandemic has forced the sector to think, operate and act more digitally.
