Identifying how and where we will live in the future

Moving home is expected to evolve dramatically over the next decade, according to a major new report.

Strutt & Parker’s Housing Futures research analyses the way we currently live and predicts housing trends of the future.

The 2018 research suggests there are eight issues that will change how we move home, what types of property we choose and the way in which we actually live.

We take a look at six of the most likely to disrupt and improve how we live and where we choose to live.

The first is blockchain, the digital technology that could transform financial transactions between buyer and seller. According to Housing Futures, HM Land Registry is consulting on rules that will allow binding digital signatures to ensure trust in the transaction. However, using blockchain could speed up conveyancing transactions and perhaps make them cheaper.

Potential game-changer

Alternative methods of finance are another potential game-changer. Most home buyers use a mortgage to buy their a home, but the shared economy means the likes of peer-to-per lending and crowdfunding could boost the ability of investors and individuals to buy property.

The shared economy is also revolutionising transport with driverless cars the latest innovation. The more shared forms of transport become acceptable, the less importance people would then place on choosing a home close to public transport such as rail and bus links.

A new address system that makes finding a location more accurate has been proposed. While the UK’s postcode system of letters and numbers has its origins in the 19th century, the idea from What3Words would divide the world into a grid of 3m x 3m squares, each with a unique three-word address.

Focusing the public mind

Climate change and threats to food supply, water and energy are likely to focus the public’s mind on improving our environment. Housing Futures predicts an increase in urban food production and growth in the use of solar panels and wind turbines.

Some estate agents already offer virtual viewings for specific properties, allowing potential buyers the chance to look round a place remotely using virtual reality (VR) headsets. Holoportation, a new 3D capture system that is already being used by some real estate brokers, will be advanced by using 5G connectivity to speed up the transfer of information. That type of connection will also be used in delivering smart homes and smarter urban living, such as energy grids, utilities and traffic monitoring.

Transforming the UK property market

The Housing Futures report concludes: “We are experiencing demographic shifts and technological advances that are transforming the UK property market.

“We only need to look at our high streets to see that they are fighting to survive, that our workplaces and work patterns are shifting, and the way in which we make and deliver goods is changing. Therefore it is only natural that we should also expect changes in the way that we live.”