May 27 - 2min readProptech: Products Our London App Developers Have Their Eyes OnBy Jennifer Green
Property tech, or what is now known as proptech is a sector that has grown in leaps and bounds in the past few years amongst London app developers. With several digital product studios based in the UK, many are choosing to use various forms of tech to transform the property market into a more modern approach. From renting to investments, selling and buying, proptech startups aim to make what is normally a very stressful process into one that is simple through London app development.
AskPorter makes us of AI to provide estate agents with smart virtual assistants, landlords and property managers to automate tasks such as chasing rent or arranging a contractor. Our London based app developers have buzzed about this at our London digital product studio base. AskPorter claims that the process of on-boarding with them is as simple as providing an email address and telephone number and everything works with AI thereafter. The company have raised £1.5 million in their seed round in August this year from investors including Pi Labs, Venture University, Plug and Play, Henley Investments and WISAG FM.
Landbay is a peer-to-peer app-based marketplace providing investors with access to borrowers and buy-to-let managers faster to access a mortgage. It was founded in 2014 by current CEO John Goodall and ex-Sequioa consultant Gray Stern. Landbay announced a funding of £1 billion had been agreed with a ‘leading financial institution’ to provide financial backing for its mortgages back in July. COO Julian cork stated that this investment would allow Landbay to reach a greater audience of buy-to-let landlords which would provide more growth and scope for London app developers and digital product studios overall.
London-based Unmortgage provides the ability to reach homeownership gradually for people that are struggling to get a mortgage. A minimum of £12,500 is needed upfront, so a minimum of 5% of the total value of the property as well as an evaluation of your combined household income. The firm will provide the rest of the deposit through a third-party funding partner, such as a pension fund, which allows you to move in straight away and pay rent back to cover the cost of the mortgage and pay off the deposit gradually. Afterwards, you can overpay month-to-month to increase your ownership until you reach complete ownership. This proptech startup also promises to assist future homeowners to navigate themselves through the complex world of home ownership including assessment ventures and managing solicitors. Our London app developers at Borne London HQ see a bright future in the proptech sector for digital product studios.