When an industry is well-established and worth a huge percentage of the economy, it’s quite hard to disrupt the status quo. But it can be done, think of the changes AirBnb, Uber, Instagram, Deliveroo, and more brought to their respective industries. Now Zump aims to disrupt one of the biggest industries - property.
The property market is an industry ripe for change and innovative disruption may help thousands of people who are trying to buy their next home. At least 9 million people look for a property each year and only around 1.2 million properties go through with a sale.
The current property market
The housing market has been strong for years, and prices are booming with the lack of available property for people to buy. House prices rose at the fastest annual rate in nearly 14 years in March 2021, according to Nationwide. As a result, estate agents say it’s the craziest market they’ve ever seen with multiple offers on properties on the first day of going on sale. Estate agents are booming.
Most people use Rightmove, Zoopla etc to find properties, but the property shortage has meant people are looking for other ways to find a home. From popping a letter through the letterbox of a dream house to WhtasApping a street group to find a place, people are thinking outside the box.
So, how can you find the place of your dreams without an estate agent and the standard property websites? Go to the owners directly. And using tech like the Zump app can connect you with them. Across Bristol postcodes, it’s estimated that right now there are over 114,000 people who are thinking about moving but only around 3,250 houses listed on Rightmove. The number of properties a buyer can interact with on Zump is 455,000.
This absolutely changes the playing field for buying and selling property.
Danny Gray, co-founder of Zump and former Bristol Bears rugby player, has built up considerable experience over the last 15 years in both the supply and demand side of the property industry. His knowledge and experience of the property market led him to look for much-needed innovation in a stagnant industry.
Danny said, “There’s currently a huge shortfall in available on-market properties meaning many buyers are unable to find what they want, which deters them from continuing their search and ultimately listing their own property for sale.
“This, coupled with the fact that formally listing with an estate agent is currently the only way to see who might be interested in your property – an all or nothing approach with expensive fees attached - means many people just don’t bother and end up staying put.”
The housing market will continue to grow in 2021. Stamp duty was cut by Rishi Sunak, Finance Minister, in 2020 and will continue until September 2021. The first £500,000 of any property purchase in England or Northern Ireland will be exempt from stamp duty until the end of June, and there is a £250,000 tax-free allowance until the end of September.
With demand far outstripping supply, determined buyers are taking chances into their own hands and finding new ways to get a property. Tech is catching up to help them. Try Zump to find your next property.