12 Feb 2019: Where will we find success?
2019 presents a great deal of uncertainty, with the 29th March deadline fast approaching, there is a sense of apprehension around what Brexit will actually mean for the property sector and the wider economy. Nevertheless, there are a number of developers who are remaining optimistic and are continuing to look for the opportunities the market presents, for many, 2019 is a chance to identify new challenges and ways to ‘cut through the noise’.
Innovation is key to making a success of this year; that does not always mean adopting new technologies but instead, it is ‘thinking outside of the box’ and identifying gaps in the market to capitalise on. New technologies like LandInsight greatly improve efficiencies but the more people that adopt the software, the less competitive each individual becomes. It means that people are forced to think creatively and identify an edge or a niche in their offering. From an agent’s perspective, 2019 might be about going back to basics and ensuring that the quality of advice they give is the very best it can be.
From a developer’s point of view, the availability of information has closed the balance of power between the buyer and the landowner. We have witnessed developer bid prices closing in on one another and now, the land does not automatically go to the highest bidder. Instead, developers must find other ways to distinguish themselves and prove their ability to make the most of schemes.
Whilst 2019 might be a year of looking back on traditional methods and approaches in some cases, there will undoubtedly be a number of new opportunities presented to the market. Co-living spaces are becoming increasingly popular due to the affordability of units for the end user. Whilst there are no big schemes in London at the moment, it is difficult to see whether this will advance or progress much in 2019 due to the amount of planning required for sites. Similarly, with the online economy growing, high streets are becoming quieter and quieter which could see a change in use. For this to move ahead however, we will need to see the implementation of new policies, similar to permitted development rights.
The key to unlocking success in 2019 will be a combination of thinking forwards and backwards and identifying an equilibrium. Being open to new opportunities is essential but ignoring traditional qualities could impact progress in 2019.
Check out the full discussion on development opportunities by clicking above.