The rise of remote property investment is one of the more notable by-products of the altered post-pandemic housing market. While this trend has the potential to radically adjust how the UK property market functions on an enduring basis, it is still, in many senses, flying under the radar.
Indeed, the pandemic may well have underscored the urgency of more flexible ways to invest in property, as circumstantial necessity propelled this emerging trend forward. It is well known that the property market was one of the few beneficiaries throughout this unprecedented period of turmoil.
For one, the lockdown-induced lifestyle changes prompted homebuyers to re-evaluate what they wanted from their properties, while many investors sought refuge in the ‘safe haven’ status of UK property amid market fluctuations.
However, it is often forgotten that channelling this surge of new demand was a problem in itself. For vast periods of the early pandemic era, social distancing restrictions and multiple lockdowns conspired to effectively outlaw the way estate agents have traditionally worked. With key milestones to a sale, such as hosting buyers to view a prospective purchase and signing witnessed contracts made functionally illegal, the sector had to be agile to facilitate the demand at hand.
This led to a remarkable – and quite successful – rapid digitalisation of the real estate market. Agents rose to the challenge to adapt their tools and skillset to a remote environment, where distance became part of their new normal. For their part, buyers demonstrated a willingness to go against the conventional and commit to the right property without necessarily having to see it for themselves.
Homes were sold based on 3D renderings, online real estate video walk-throughs and relationships were forged over FaceTime and Zoom as more and more Britons got comfortable with buying a home remotely.