AI a priority for property developers
Developers across the UK are looking to tap into technologies like artificial intelligence to minimise the impact of rising costs, optimise their profits and drive new development opportunities, research from Shawbrook has found.
Almost four in five (78%) are turning to AI technology to help achieve their business goals, and take advantage of future opportunities.
A third (35%) have already invested in AI technology, while a further 43% plan to invest in it within the next 12 months. Fewer than one in ten (9%) said they were not planning to invest in AI at all.
Terry Woodley, managing director of development finance at Shawbrook, said: “As market uncertainty continues to be one of the biggest barriers for developers in the UK, AI could soon become a key competitive differentiator in the market – particularly when it comes to understanding market trends.
“With firms already experimenting with AI, and new use cases regularly emerging in the market, it wouldn’t be surprising to expect that this technology will have a much bigger influence on development trends in the years to come.
“The benefits of AI for developers are potentially endless, however, as with any new technology they should understand first where it can add value to their business before investing. Most importantly, it will be vital to work closely with a specialist lending partner that can help you realise your plans before taking the plunge on new developments.”
Efficiency and the optimisation of operations were also key areas developers have looked to improve through the use of AI. Two in five (41%) said they are using the technology to create more intuitive designs, three in ten (30%) for managing customer enquiries, with 22% using it to create marketing collateral for developments.
Developers are also looking to invest in building management systems (46%), smart home services (45%), modular building (43%), virtual/augmented reality (36%), and drones (35%).