Property developers are increasingly embracing cutting-edge technology to maintain a competitive edge, according to new research from Shawbrook.
AI is one such example of these types of technology that developers are utilising. AI has been a significant driver of development and innovation in recent years, and 59% of developers report already using AI to support their business. 57% plan to utlise AI to a larger extent going forwards and the same percentage agree that AI and technology will transform the way they sell and market their developments in the future.
The industry is also counting on wider technology for future growth. Indeed, 60% of developers are regularly tracking market trends to ensure their new developments meet current and future demand, helping them to stay ahead of the curve
Changing priorities in a shifting landscape
Beyond embracing new technologies, developers are also shifting their approaches more widely to keep up in an ever more competitive environment. More than half (57%) of developers have diversified their investments and projects to better navigate economic uncertainty, while the same number are offering incentives to buyers, such as paying stamp duty costs, to try and get deals over the line.
As part of their diversification efforts, developers are also increasingly giving consideration to sustainability factors - with almost two thirds (63%) agreeing that sustainability is now a key consideration for both themselves and buyers.
Terry Woodley, Managing Director of Development Finance at Shawbrook, commented: “Developers have time and time again proven themselves to be agile and adaptive in the face of tough and fast evolving market challenges.
“It’s no surprise to see developers increasingly making use of AI and wider technology, and shifting their priorities, to optimise business performance - and this will without doubt only become more commonplace as everyone tries to get ahead of the curve and get an edge on competitors.
“The Government's focus on housebuilding should also provide added impetus, and present opportunities for new, sustainable projects for developers to capitalise on. Speaking to a specialist lender could unlock new possibilities for those looking to accelerate their plans and future proof their business plans.”
