In recent years, virtual house viewings have become an increasingly popular method for property buyers and sellers in the UK. While this technology existed before the COVID-19 pandemic, its adoption surged during lockdowns when in-person viewings were restricted. Now, even as restrictions have eased, virtual viewings remain a key tool in the property market. But how do they affect property sales and when you book a property valuation? Let’s explore the impact of virtual house viewings on the UK property market, examining the benefits, challenges, and their overall influence on sales and property valuation.
1. How Virtual House Viewings Work
Virtual house viewings allow prospective buyers to view properties remotely via digital platforms. There are two primary formats for virtual viewings:
- Pre-Recorded Video Tours: Estate agents or sellers create a video tour of the property, guiding viewers through the rooms and highlighting key features. This type of viewing allows buyers to explore the home at their convenience.
- Live Virtual Viewings: These are interactive, real-time video tours where potential buyers can communicate with the estate agent, asking questions and requesting specific views of the property. Live viewings are often conducted via video conferencing platforms such as Zoom, FaceTime, or dedicated virtual viewing software.
Tip for Buyers: When participating in a live virtual viewing, make sure to ask the agent to focus on areas of interest, such as the condition of windows, appliances, or outdoor space, to get a comprehensive sense of the property.
2. The Benefits of Virtual House Viewings
a. Convenience and Flexibility
Virtual house viewings offer a level of convenience that traditional viewings cannot match. Buyers can explore properties from the comfort of their home, reducing the time spent travelling to multiple viewings. This flexibility is particularly useful for:
- International and Out-of-Area Buyers: Virtual viewings are ideal for buyers who are moving from another part of the country or overseas. They allow them to explore potential homes without the need for costly and time-consuming travel.
- Busy Professionals: Virtual tours give buyers more flexibility in scheduling viewings, allowing them to fit property searches around their work and personal commitments.
Tip for Sellers: Offering virtual viewings can expand your reach to a larger pool of potential buyers, particularly those relocating from afar, and make your property more accessible to interested parties.
b. Speeding Up the Buying Process
Virtual viewings can help speed up the house-hunting process by allowing buyers to quickly narrow down their options before committing to in-person visits. This can lead to:
- Fewer Physical Viewings: Buyers who take part in virtual viewings often visit fewer properties in person, as they are able to eliminate unsuitable options early in the process.
- Streamlined Transactions: Buyers who have already viewed properties virtually may be more prepared to make faster decisions, potentially reducing the time from initial interest to offer submission.
Tip for Buyers: Use virtual viewings to create a shortlist of properties to visit in person. This can save time and energy, particularly if you’re viewing homes in competitive markets where properties sell quickly.
c. Wider Market Reach
Virtual house viewings allow estate agents and sellers to market their properties to a much broader audience. This is particularly beneficial for:
- International Investors: Overseas investors looking to buy UK property, especially in popular markets like London, can view and even purchase homes without needing to visit in person.
- Out-of-Town Buyers: Buyers relocating from other parts of the UK can explore properties virtually before planning in-person visits. This wider reach can increase the number of potential buyers for a property.
Tip for Estate Agents: Offering high-quality virtual viewings as part of your service can attract tech-savvy buyers and make your property listings stand out in a crowded market.
3. Challenges and Limitations of Virtual House Viewings
a. Limited Sense of Space and Layout
One of the key challenges with virtual viewings is that they don’t always capture the true sense of space or layout that an in-person visit provides.
- Room Size and Feel: While virtual tours offer a good sense of a property’s general layout, they can struggle to convey the scale and feel of a room. Prospective buyers may not be able to gauge how spacious or bright a room feels based on video alone.
- Outdoor Space and Neighbourhood: Virtual tours often focus on the interior of the property, which means buyers may miss key details about the surrounding area, garden size, and general neighbourhood vibe.
Tip for Buyers: If you’re seriously considering a property, make sure to follow up with an in-person visit before making any final decisions. Take the time to explore the surrounding area as well.
b. Potential for Overlooking Details
In virtual viewings, it can be difficult to inspect certain property features that would typically be scrutinised during an in-person visit, such as:
- Condition of Fixtures and Fittings: Scratches on floors, cracks in walls, and other minor defects may not be immediately apparent in a virtual tour.
- Hidden Maintenance Issues: Structural issues, dampness, or faulty plumbing may go unnoticed in a virtual viewing. These are things buyers would typically check during a physical visit.
Tip for Buyers: Always request detailed information on the condition of the property, and consider commissioning a survey if you are serious about making an offer.
4. Impact on Property Sales and Buyer Behaviour
a. Increased Interest in Properties
Virtual house viewings have expanded the pool of potential buyers, leading to more interest in properties, especially those marketed effectively online. By providing virtual viewings alongside high-quality photos and detailed listings, sellers can attract more attention from serious buyers.
- Higher Engagement: Properties with virtual tours tend to receive more online engagement, as buyers are more likely to explore a listing if they can “walk through” the property virtually.
- Potential for Faster Sales: Virtual viewings, when combined with in-person visits, may lead to quicker decision-making from buyers, speeding up the sales process.
Tip for Sellers: Ensure that your property is well-prepared for virtual viewings, with rooms staged and clutter-free, to make the best impression on potential buyers.
b. Buyer Confidence and Offers
While virtual viewings are a convenient way for buyers to explore properties, many buyers may still hesitate to make an offer without an in-person viewing. Most buyers want to physically inspect a home before committing, especially for higher-priced properties.
- Completing the Process: Buyers often use virtual viewings to shortlist properties, but in-person visits are still essential for making final decisions. Properties with virtual tours may attract more initial interest, but physical viewings are typically required to close the deal.
- Conditional Offers: In some cases, buyers may make conditional offers based on a virtual viewing, with the understanding that the offer is subject to an in-person visit or property survey. However, this approach is less common in the mainstream residential market and more typical in high-demand areas or for international buyers.
Tip for Buyers: While virtual viewings can help with narrowing down your choices, don’t rely on them alone to make an offer. A physical viewing is still necessary to ensure the property meets your expectations.
5. Impact on Property Valuations
Virtual viewings themselves do not directly affect property valuations, but they do influence the buying process, which in turn can impact property prices. Here’s how:
- Market Demand: By making properties more accessible to a wider audience, virtual viewings can help increase buyer demand, particularly from out-of-area or international buyers. Higher demand can, in turn, lead to stronger property prices in competitive areas.
- Accuracy of Valuations: Valuations, whether conducted by a mortgage lender or surveyor, still require physical inspections. While virtual viewings offer a convenient first step, they do not replace the need for detailed valuations that consider the property’s condition, location, and market trends.
Tip for Sellers: Virtual viewings can help boost buyer interest and engagement but should not be seen as a replacement for professional valuations. If your property attracts multiple offers due to a successful virtual campaign, ensure valuations are still completed to secure the best price.
6. The Future of Virtual Viewings in the UK Property Market
As technology improves, virtual house viewings are likely to become even more immersive, with tools like 3D walkthroughs, virtual reality (VR) tours, and augmented reality (AR) enabling buyers to explore properties in greater detail. These advancements may further bridge the gap between virtual and in-person viewings, making remote property purchasing more feasible.
- Integration with Property Platforms: As virtual viewings become more sophisticated, estate agents and property platforms are expected to offer seamless integration of virtual tours with property listings, making it easier for buyers to explore multiple homes remotely.
- Appeal to International Buyers: Virtual viewings will continue to be a valuable tool for overseas buyers and investors, helping them explore UK properties without the need to travel.
Tip for Buyers and Sellers: Embrace virtual technology as part of your property search or sales strategy. While in-person visits are still essential for most transactions, virtual viewings offer a flexible and convenient way to begin the process.
Final Thoughts
Virtual house viewings have significantly impacted the UK property market, offering convenience, flexibility, and the ability to reach a wider audience. They have streamlined the house-hunting process, increased buyer engagement, and, in some cases, sped up property sales. However, virtual viewings are not without limitations, as they cannot fully replace the insights gained from an in-person visit.
For buyers, virtual viewings are a helpful first step in narrowing down options, but physical viewings remain essential for making final decisions. For sellers, offering virtual tours can boost your property’s visibility and attract more potential buyers, particularly in competitive markets or from out-of-town purchasers. Ultimately, virtual house viewings are set to become a permanent fixture in the UK property market, shaping the way homes are bought and sold in the digital age.