Nearly four in five developers consider AI for future growth – Shawbrook

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  • 05/09/2023
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Nearly four in five developers consider AI for future growth – Shawbrook
Some 78 per cent of property developers will look to artificial intelligence (AI) technology to support their business, a poll from a specialist lender found.

The Shawbrook survey of 500 developers in the UK revealed that 35 per cent had already invested in the technology, while 43 per cent planned to in the next 12 months. Just nine per cent said they would not invest in AI. 

As for how the technology will be used, 44 of those who had already invested in it said it was utilised to identify development opportunities and 43 per cent said they used to keep up with buying trends. 

Some 41 per cent of developers plan to use AI to create more intuitive designs and 30 per cent will employ AI to manage customer enquiries. For 22 per cent of developers, AI will help to create marketing material for development. 

The survey also revealed that 46 per cent of developers were investing in technology to build management systems, 45 per cent were putting it towards smart home services, and 43 per cent were implementing it for modular building. 

A further 36 per cent were investing in virtual or augmented reality technology and 35 per cent were introducing drones. 

 

‘AI could be a key competitive differentiator’

Terry Woodley, MD of development finance at Shawbrook, added: “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.” 

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