More property firms must adopt new technologies to help Wales prosper, says RICS


Despite huge investments and advancements in technology, the RICS (Royal Institution of Chartered Surveyors) says the property sector and wider construction industry in Wales is still slow to uptake such innovations which could create taller buildings, wider bridges, better transport systems and smarter, more liveable cities.


Digital technology and tools are changing the way we plan, build, maintain and use buildings for the better, as such innovations have the power to design and develop more creative developments that are more sustainable, less costly to run and serve their purpose better. Yet RICS – a global professional body which sets standards in the land, property and construction sectors – says more property firms in the region could be using the latest advancements in technology – which include 3D modelling and virtual reality - to better visualise, design and deliver a built project.


Julian Normansell, a spokesman for RICS on construction issues in Wales, said: “The diversity of professionals who contribute to a built project — including builders and masons – have been following the same methods with pretty much the same tools for generations, so many construction professionals are only interested in using building tools, or materials, to directly meet construction goals or reduce costs rather than seek to apply technologies to improve the build process or enhance the creativity of a project.”


“However, if construction and real estate companies want to remain relevant and competitive, and deliver the homes and buildings we need, they must consider adapting their ways of working. For example, in countries where modern methods of construction are more common, they use new building technologies to build large parts of a property including individual rooms in a factory setting rather than on site. This helps to control costs better and is more efficient as works are unaffected by the weather.” In recognition of the importance that technology companies have on all property sectors including the construction industry, RICS recently launched a Technology Affiliate Program (TAP) to raise awareness of the tech firms who support the adoption of RICS standards and are actively helping to advance the property industry. Speaking about the program, Dan Hughes, Director of Data Products at RICS said: “Despite digital technologies rapidly changing how we do things in the built environment and how professionals carry out their roles, many organisations remain at an early stage of experimentation in their use of new technologies or data-driven systems. It is with this in mind that our Technology Affiliate Program aims to make industry professionals more aware of the latest technologies that will advance their capabilities and help them create less costly, more attractive and sustainable homes, buildings and transport systems much quicker.”


He adds: “Being part of the Technology Affiliate Program shows both the commitment to the adoption of professional standards and of playing a role in developing the wider industry as technology becomes increasingly important.” Over 20 companies – of all sizes – have already signed up to the Technology Affiliate Program including Altus Group, Bamboo Auctions, Imfuma, Invida, FixFlo, Go Report, Kykloud, Rialto, Rescan, Landmark, Klipboard, Nomitech, Sorbet and Tender Space. For more information on the RICS Technology Affiliate Program visit www.rics.org/proptech or e: techaffiliate@rics.org


Plenty to smile about in the new-build market for self employed homebuyers in Cardiff


“Every application is considered individually on its own merits, and many lenders view new-build homes as a safer bet because of extra safeguards on offer,’’ added Adam.


Barratt’s top tips for self employed buyers


Barratt Homes has homes available at Reflections in Barry, Cardiff


Te UK has more self employed workers than ever - and the number wishing to buy new-build homes is also on the increase, according to leading housebuilder Barratt Homes. Latest figures from the ONS reveal there are now more than 4.8 million self-employed people in the UK and financial experts from Te New Homes Group say that it is fact easier to secure a mortgage than many self-employed people think. Adam Champion from the New Homes Group, which works with Barratt Homes, says that there is currently plenty of opportunity for those with non standard earnings to buy their own


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property in and around Cardiff. “In recent years, lenders have been more than a little sceptical about taking the plunge by offering mortgages to those with finances that might fluctuate from year to year - or even month to month,’’ said Adam. “However there are plenty of mortgage lenders offering finance and as long as buyers can prove their earnings they should have access to the same range of mortgages as any other buyer.” Adam said that online tax returns have made it easier for self employed people to provide their SA302 forms which provide the required evidence of earnings for the last three years.


What kind of employee are you? Mortgage lenders may classify you as self employed if you own more than around 20 to 25 percent of a business - even if you consider yourself to be employed. Are you a sole trader, a partner or a director of a limited company? Make sure you are fully aware of your status before applying.


Keep track of your accounts Most


lenders require two or three


years’ worth of your business accounts. You need to keep them up-to-date because many won’t accept them if the most recent are more than 18 months old. Try to use a certified or chartered accountant. Some lenders will accept as few as one year’s accounts if you have substantial savings and a good credit record.


Be good to your creditors Your accounts will contribute towards part of the decision. Your credit record is also crucially important. You need to prove that you’re worth the risk - and having an excellent history of repaying


loans is a great start.


How much can you afford? Borrowing more than you can reasonably afford is far more difficult to do for any type of buyer these days. However, it might still be an idea to factor in the possibility of a downturn in your business fortunes - just in case. Don’t switch We don’t recommend making last minute changes to your self employed status - for example, from sole trader to limited company - prior to applying for a mortgage. It may cause confusion and prompt a delay in approving your application.


Save if you can It never hurts to have a sizeable deposit saved and ready to use - particularly if you have less than two years’ accounts to offer. If this is not possible, all is not lost. You may still be eligible to make use of Government-funded schemes - like Help to Buy - Wales allowing as little as five percent deposit on new build homes up to £300,000 in Wales. Seek out advice Tere are many types of mortgages available to self employed buyers - some from specialist lenders and some from mainstream high street companies. It is important to take expert advice before making your choice. Barratt will provide access to this and support you throughout the entire process.


New Homes Wales and the South West


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