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Property sales go virtual to work around Covid-19 (FT)

A house in central London recently sold to an overseas buyer for £6m. “This is a large property on a prime road that will be his family home,” says Jamie Hope, managing director of Maskells estate agency, who is handling the sale. The sale is due to complete this month, but the buyer has yet to set foot in the place, having seen it via a virtual walk-through, made using the 3D camera system Matterport. “Before Covid-19, buyers would often start their search with a 3D tour then carry out a viewing in person — but now some are prepared to buy without viewing at all,” says Hope. The UK housing market is frozen after the government last month instructed people not to move home or carry out viewings in person until after the coronavirus crisis comes to an end. Across the world, flight bans and lockdowns are forcing entire populations to stay at home. Despite a captive audience, the number of searches on property portals has fallen since the outbreak, with Google Trends data showing traffic on Zoopla and Rightmove falling 50 per cent since early January. Nevertheless, the use of virtual tours, where buyers can navigate their way through a home using 3D images, is on the rise. During the first two weeks in March, Zoopla recorded a 215 per cent increase in visitors who viewed new-build homes virtually. Many in the property industry are investing in the new technology. Since the beginning of March, sales of Matterport’s 3D cameras have jumped 630 per cent.

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