Nearly four in five (78 per cent) developers are utilising AI technology to help achieve their business goals and capitalise on future opportunities.

A third (35%) have already invested in AI technology and a further 43% plan to do so in the next 12 months. Fewer than one in ten (9 per cent) say they do not plan to invest in AI at all.

Terry Woodley, Managing Director of Development Finance at Shawbrook, said: 'With market uncertainty still one of the biggest hurdles facing UK developers, AI is fast becoming a key differentiator in the competitive marketplace - especially when it comes to understanding market trends.

Companies are already experimenting with AI and new use cases are regularly emerging in the market, so it's no surprise that the technology is expected to have an even greater impact on trends in the coming years.

"The benefits of AI for developers are potentially endless, but, as with any new technology, developers should first understand where it can add value to their business before investing. Above all, before committing to a new development, it's vital to work closely with a specialist lending partner who can help you realise your plans."

Efficiency and optimising operations are also key areas that developers are looking to improve by using AI. Two in five (41 per cent) developers say they are using AI technology to create more intuitive designs, three in ten (30 per cent) are using AI technology to manage customer enquiries, and 22 per cent are using AI technology to create marketing materials for developments.

Developers are also looking to invest in building management systems (46 per cent), smart home services (45 per cent), modular buildings (43 per cent), virtual/augmented reality (36 per cent) and drones (35 per cent).