The UK PropTech Association has made a statement that the chancellor should continue investment into digitising the planning system
The UKPA say that continued UK PropTech investment will help unlock economic growth as well as aid in building 1.5m homes by 2029.
They also say that investment into digitising the planning system would fit into the planning form agenda and so would be a good time to invest.
The call is a part of the UKPA’s spending review submission
The spending review submission has been submitted to the Government in conjunction with the BPF. The BPF joins the UKPA in recommending investment into UK PropTech via:
- Broadening the remit and enhancing the funding for the PropTech Innovation Fund to include the digitalisation of the planning system, and greater deployment of Artificial Intelligence (AI)
- Expanding funding access for early-stage PropTech firm to address the concentration of investment in late-stage companies
- Committing to bi-annual reviews of the PropTech sector to capture new opportunities and reflect rapidly evolving technology
The Planning and Infrastructure Bill is upcoming, and is intended to increase efficiency, productivity, and present a more modern interface for all involved. The UKPA statement says that this upcoming bill can be heavily supported by digitisation through UK PropTech investment and will allow for greater AI deployment within planning casework, maximising existing resources.
The BPF supports this call with their wider calls for even more planners than the 300 promised to every local council by the government, meaning planning departments to recover their costs and ring-fencing income.
UK PropTech investment could save time in transactions
The UKPA’s response shows that adoption of the technology has made several aspects more efficient, such as saving over 72,000 hours for every 1,000 new property transactions, providing over £527m in annual savings for the public sector through more resource efficiency, and supporting a 3% reduction in CO2 emissions per year.
Sammy Pahal, managing director of the UK PropTech Association, said, “Technology and data have significant potential to help us address national challenges more quickly, more efficiently, and more cheaply – as well as provide longer term growth opportunities.
“That’s why the Spending Review needs to recognise our sector’s world-leading role as front runners in identifying and deploying new technologies in the property sector. These new technologies and process are instrumental in supporting the digitalisation of the planning system, or how we undertake property transactions. That’s why it is vital that the government continues to support the work of the PropTech Innovation Fund and broadens its work to support the wider planning reform agenda.”
