A naukri.com initiative
TechRound
3d
345
Experts Share: What To Consider When Running A Property Startup
- UK house prices reach new height of £293,999, however property market remains stable despite economic pressures and higher mortgage rates.
- The UK government’s budget increases borrowing, expected to influence bond yields and influence mortgage rates. Housing funds are also updated, with £5bn allocated to affordable housing projects to expand housing supply.
- Average house prices have seen a growth across various regions in the UK, with London being the most expensive area, surpassing an average price tag of £543,308. Northern Ireland has had the largest growth at an increase of 5.9%, whereas Scotland saw the lowest growth with an average of 1.9% and an average house price of £206,480.
- First-time buyers receive a boost from the UK government budget, allowing for the mortgage guarantee scheme to become permanent for buyers with only a 5% deposit. However, starting from March 2022, the stamp duty exemption for first-time buyers will be revert to lower thresholds, which may apply financial pressure.
- Expert advice for running a property or proptech start-up includes focusing on the right team and assembling supportive investors to help bring the vision to life. Connecting with key stakeholders in the industry and creating a personal brand can also be helpful to gain credibility and establish trustworthiness.
- Property investors should also ensure they are aware of shifting tax landscape, and manage tax efficiently by setting up a limited company. Mortgages for landlords is easier to apply for when owning a limited company, providing clear share structure and up-to-date company accounts.
- Start-ups are recommended to stay grounded in reality and have a deep understanding of the problem they are trying to solve and the market they are entering. The importance of pivoting and adapting rapidly cannot be underestimated.
- Being user-friendly is integral to success, so adopting the right technology for user experience is critical as well as safeguarding user data, alongside setting defined objectives and a focused strategy.
- Startups can strive by building relationships that can accelerate growth, in addition to building a resilient team culture and prioritising the collaboration with the right people.
- Cash flow managements is vital when growth can be rapid, therefore whilst having a willingness to test and fail can lead to a stronger more customer-centric product, it is important to have set objectives and round-the-clock research is done to tackle any arising pain points.
Read Full Article
20 Likes
For uninterrupted reading, download the app