■ The latest indicators from the recently launched Savills ProgrammE and Cost Sentiment Survey (S.P.E.C.S) demonstrate that build costs and programme delivery time scales have stabilised into 2017.

■ Indeed, following an initial rise post EU referendum in build costs and construction time scales 2017 has seen contractors reporting an increase in activity.

■ Generally however, competition in the market is robust and tender returns maintain the view that we are not currently experiencing a rise in build costs. Moreover, given the fact that speculative deliveries have fallen into 2017 now could be considered a good time to tender for further speculative development.

^{Source: Savills Research SPECS 2015+100}