Property developers are turning to artificial intelligence (AI) and new technology to stay ahead in a competitive market, according to research from Shawbrook.
59% of developers said they already use AI in their business, and 57% planned to use it more in the future.
The same number agreed AI and technology would change how they sell and market developments.
60% of developers said they were tracking market trends to make sure their projects meet demand.
Over half (57%) had diversified their investments and projects to deal with economic uncertainty, and the same proportion were offering incentives to buyers like paying Stamp Duty to help complete sales.
Developers are also putting more focus on sustainability, with 63% saying it is now a key factor for both themselves and buyers.
Terry Woodley, managing director of development finance at Shawbrook, said: “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.”
Woodley added: “Speaking to a specialist lender could unlock new possibilities for those looking to accelerate their plans and future proof their business plans.”
