Greater use of location data can unlock innovation in the property sector, a new report has said.
The property industry is failing to embrace the “significant opportunity” presented by location services and other spatial technology, according to the Building Better Decision Making report, published today by the Geospatial Commission, which was set up by the Cabinet Office.
The report says: “Applying a spatial lens is crucial to achieve the sector’s economic, social and environmental ambitions, boosting productivity and innovation, improving our residential areas and achieving net zero commitments.”
It has identified opportunities where improved data and use of location services and applications can unlock innovation across the property ecosystem.
It says location data, services and applications are central to sustaining the technological revolution taking place in the property industry and essential for a well-functioning property sector.
Independent commissioner Alexandra Notay said: “The property ecosystem provides the infrastructure of where we live, work and play. However, many of our interactions with the industry – from planning to buying, renting and maintenance – remain stubbornly analogue.
“We can all see the transformative potential and multitude of opportunities for the property industry to embrace emerging technologies and digital tools empowered by location data; yet a truly systematic approach to innovation and technology across our diverse and siloed asset classes and property types has yet to emerge. This report can be a catalyst for enabling that change.”
The report sets out four cross-cutting themes to support the better use of location data, service and applications, including property as a complex interconnected system and the importance of a strategic approach to data access.
Dan Hughes of Alpha Property Insight and Real Estate Data Foundation said: “The world is changing rapidly and so the depth and breadth of data used by property is growing equally fast and at the heart of this is high quality and trusted location data. As the world evolves, it is important that the approach to data does too and so this report, and the actions identified, are very welcome to enable the property sector to meet the needs of society, the planet and the UK economy.”
HM Land Registry worked with the commission on the report. Lynne Nicholson, head of data at the non-ministerial government department, said the report “outlines the immense potential value of geospatial data for the UK economy”.
The report is the first to come from the UK Geospatial Strategy 2030, which was published in June.
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