Property sector can improve with location data: Survey

Property sector can improve with location data: Survey

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UK: A research by the Ordnance Survey (OS) team claimed that as much as 36 percent of people do not think they make the most of location data in the property sector. The survey further revealed that the sector is tackling the economic downturn by improving efficiency and cutting costs rather than by cutting fees.  

Some of the main findings from this survey of 270 property professionals include:
Dealing with the downturn:
– 81 percent see cost cutting and increasing efficiency as the two most important strategies for dealing with the economic downturn.
– An smaller minority (33 percent) think that reducing prices or fees is the way to tackle current economic challenges.
– Environmental issues are more worrying to architects than property developers: Only 25 percent of property developers cite environmental issues as a key pressure for business, compared with 46 percent of architects.

Using location data:
– Whilst 70 percent use location data predominantly for project planning, 81 percent consider geographic and location context to be important, very important or essential to business strategy and planning.
– 80 percent of property developers see location data as very important or essential.
– 97 percent see the importance of location data increasing or remaining constant and of the respondents who forecast a change in the way that location data is used (32 percent), 61 percent forecast an increase in usage.
– Despite this, 47 percent of engineers, 43 percent of housing associations and 41 percent of property advisors surveyed don’t think they are making the most of the location data that is available to them.

Data requirements of the property industry:
– Data relating to planning issues (81 percent) and land use (80 percent) are the key requirements for the sector.
– 61 percent need data on geographical features and boundary lines.
– In comparison to others in the sector, a larger percentage of housing associations rely on demographic profiling data (63 percent) and information on crime rates (43 percent).
– Site location (88 percent) and planning proposals and applications (83 percent) constitute the primary use of location data. 70 percent of the sector will also use the data in design and construction.
– 33 percent used location data for the purposes of data analysis; however this seems to be more prominent in larger companies with 53 percent of companies of more than 100 people using it for this purpose, compared to only 29 percent of companies of under 100 people.

Source: Findmaps