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About David Hayes
I'm a first year student at the University of Bath studying Civil Engineering
Property will always be an expensive, long term and illiquid investment opportunity unless we significantly alter how and what we build.
Advances in prefabrication have the potential to slash the cost of construction and dramatically reduce build times, as demonstrated by companies such as Broad Sustainable Buildings; the Chinese firm which constructed a 15 story building in just 48 hours in 2010. However, there are problems that currently exist in prefabrication techniques that are not inherent and have halted its ubiquity.
Furthermore, there are numerous inefficiencies that exist on conventional building sites which, if resolved, could significantly reduce the cost of property.
Examples of inefficiency include current surveying methods, which involve measuring a single distance at a time using a total station. Advances in multi-rotor drones and 3D sensors lend themselves to a new, far faster, cheaper and automatic measuring system.
Building Information Modeling also has the potential to significantly reduce error, build time and cost on construction sites, however it is poorly realized and needs significant investment and innovation before benefits will be seen.
With this in mind, I propose a construction efficiency investment fund, which will support UK start up businesses and research schemes which aim to eliminate these inefficiencies using recent technological improvements. This could dramatically reduce the cost of construction in the UK and make investors turn their money towards property rather than other wealth generating options.
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A stakeholder is anyone who has an interest in the process or outcome of a construction project.