The Impact Of Technology On The Property Development Industry
The UK property development market proved to be relatively resilient in the face of the pandemic and associated difficulties, and the market size of building project development in the country is currently £27 billion, according to research from Ibis World.
Stats also show that industry revenue is expected to grow at a compound annual rate of 0.1 per cent over the five years to the end of 2022, to peak at £30.4 billion – which is, no doubt, being supported by the advent of new technological innovations that are being used increasingly by property developers around the UK.
For example, technology is now being used to help developers identify investment opportunities, making it more efficient and easier to carry out research on property locations.
Developers can now take advantage of digital technology to gain access to highly reliable data that they can then analyse to work out property hotspots and markets quickly, without having to resort to guesswork.
Virtual reality and augmented reality is also being put to excellent use by many developers at the moment, allowing them to offer potential buyers the option of viewing a property and go on a 360-degree digital tour without actually having to be there in person – something that really came to the fore as a result of the pandemic.
This kind of technology can also be used by developers to create highly realistic architectural images and walkthroughs, which can help prospective househunters gain a greater level of understanding of and feel for the property in question, even if construction hasn’t even started yet!
Other innovative strategies include the use of drones to create multi-perspective digital site visits, which can be particularly useful for larger properties, helping buyers get a feel for the plot, as well as getting to know the local neighbourhood to see if it’s the right place for them before they book in for a visit.
Are you looking for help with property development finance at the moment? Get in touch with Imperial Blue Finance today.