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Even if the land was free, many property deals don’t stack.
Zombie pricing. Rising costs. More regulations.

I asked Nicola Haigh, Head of Real Estate & Housing, Lloyds.
Who’s served 10,000+ real estate borrowers.

How can developers survive and thrive in the 2020s?

She shared 5 things bankable developers Lloyds work with do, including:

1. Keep a cash buffer
→ Don’t borrow the max.

2. Track cash flow weekly
→ Avoid nasty surprises.

3. Plan multiple exits
→ Sell some, hold some.

Listen in to hear what banks really want to see from developers right now.

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/nicola-haigh-55941a56/

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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Solving the housing crisis isn’t just about building more.
It’s about the right homes, in the right places, for the people who need them most.

The sharpest edge of that challenge?
Supported housing - for people with learning and physical disabilities, mental health needs and other vulnerabilities. 

It’s vital - but complex.
It demands real care.
And let’s be honest: some players are cutting corners.

This week on the podcast, we covered what actually works for providers who want to grow without compromising on safety, standards or support.

My guests:
@ John Verge – CEO of Golden Lane Housing, Chair of the Learning Disability and Autism Housing Network
@ Nigel Walker – Head of Social and Supported Housing at Lloyds Bank

We cover:

→ How to grow when you have a tiny team (and what to say no to)

→ What funders really look for - and the common mistakes that block investment

→ The biggest missed opportunity: turning empty shops and offices into Supported Living

→ How supported housing can save the public £850M+ each year

→ Real examples of deals that worked - and how others can do the same

This episode is for:

 → Housing providers juggling more rules, upgrades and urgent need

 → Developers wondering if supported housing is worth exploring

 → Councils under pressure to meet growing demand

 → Investors looking to make a difference and a return

P.S. Know someone in housing, investment or the public sector who needs to hear this? Tag them below.

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: 

https://www.linkedin.com/in/johnverge/

https://www.linkedin.com/in/nigel-walker-85225886/ 

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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I loved recording a no-fluff episode of The Return 
With @Richard Donnell at Zoopla
(Source of the best insights in the industry.)

The headline?
→ Stop investing like it’s 2021.
→ Start investing like it’s 2026.

We covered what 2025 changes mean for 2026 investors.
Then discussed 2026 ‘must-dos’, including:

Re-underwrite your portfolio.
Assume “normal” rent growth (2-3%).
Stress test higher compliance and running costs.

Face the London maths.
If you want income, be honest.
London can work - but mainly as value-add, or very long term.

Go where the spread works.
Follow yield, not headlines.
(We discussed regional cities like Glasgow, Derby.)

Decide your stance early.
Buy / Build / Upgrade / Sell.
Commit to scaling or shrinking.

Act like an operator.
Sell liability-heavy stock early.
Buy only where pricing reflects the cost of capital.

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/richard-donnell/

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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99% of real estate investors say the model tells the truth.
But in practice, the data is messy.
And the herd is loud.

3 weeks ago, I got to interview a real estate finance hero of mine:
@ Colin Lizieri - Professor of Real Estate Finance 

At the @ university of Cambridge.
And a global authority on how markets really price risk.

In 20 minutes, we dug into:

→ Signal vs noise
Why real estate data is so unreliable 
And quick checks to make sure your assumptions actually stack.

→ Herd-driven mispricing
Real examples - pre-GFC, life sciences, “new paradigm” stories
And how to tell if you’re investing on evidence or FOMO.

→ Bias in ICs
How strong personalities bend models

And simple fixes: written views before IC, a named devil’s advocate,
And backtesting deals where you overruled the numbers.

If you’re an institution or serious SME
trying to avoid buying at the wrong price / wrong time
this one’s worth a listen - link below.

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/colin-lizieri-996694214/

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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Most housing schemes don’t stack in this market. 

Those that do get three things right.

On the latest episode of @ The Return, @ Andy Garnett (CEO, Breck Homes) and @ Dale Parkinson (@ Lloyds Bank) shared what they’re seeing on schemes that actually work:

- Buy smart - not late
Secure land before planning (e.g. through options), or buy at a genuine discount when the timing is right (e.g. around budget changes)
(For 20–30% margins vs <10% if you pay full “with planning” market price.)

- Do more work upfront
The best developers front-load the effort: constraints and layout, valuation feedback, historic issues, flood risk, plus sensitivities (rates, delays, costs).
(All before the offer, to protect margins and avoid surprises later.)

- Move fast and stand by your number
In a slow market, sellers value certainty over a slightly higher price

We also covered:
 - Why relying on a single scheme is a silent killer for developers
 - Where the best opportunities of this cycle might be

Huge thanks to Andy and Dale for a rare, candid conversation - full of ideas you can apply tomorrow, not theory.

Listen via link in comments

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/andy-garnett-b8308414/

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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It’s hard to make housing developments stack in today’s market.

Build costs are up

Policies are changing

Planning is a dragging.

So I asked Alex Notay -
Chair of the Radix Big Tent Housing Commission and one of the most respected strategic voices in UK housing -
what it really takes to deliver 1,000 homes per day.

She shared the big lessons on the podcast, including:

• Treat housing as national infrastructure - not just a market product.
• Planning + policy + funding must operate as one ecosystem.
• Solve for delivery capability, not just land and capital.
• Communication matters - complexity without clarity kills momentum.
• The biggest risk in the sector? Unintended consequences from siloed decisions.

If you’re trying to develop or retrofit UK housing over the next 2–5 years, this conversation is a powerful scene-setter - first published almost a year ago.

Listen in.

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/alexandranotayparr/

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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People say the housing market is broken.
Homes England aims to fix it.

It touches 1 in 4 new homes.
I spoke to ex-CEO Peter Denton CBE.
About how developers and housing providers 
Use Homes England support to build more homes.

We covered:
 - What it is. Who it serves. How it helps.
(From grants to Compulsory Purchase powers.)

 - How to frame your ask for success.
(Lead with the market failure you’ll unlock.)

 - How to avoid common mistakes.
(Respect procurement and social impact metrics.
Don’t ‘goal-seek’ viability after overpaying for land.)

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/peterdenton71/ 

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

Send us a text

It's hard to scale in real estate 

Without a big budget, expensive team or endless meetings.

I asked Kelly Bream 

A multi-time founder and ex-COO, Bidwells

How she has grown multiple real estate businesses from local to national. 

She shared the playbook for local to national growth on the podcast, including:

 - People > platforms first.
Hire complements (e.g. brand/marketing), not clones.

 - Standardise the boring; localise the value.
Central compliance/process. Local nuance + relationships.

- What and where, before how.
Win work before the tooling is perfect.

 - Measure what matters early.
Lead conversion, cash runway - not vanity metrics.

This episode is in association with (and thanks to) Lloyds.

In association with:
https://www.lloydsbank.com/business/industry-expertise/real-estate.html?utm_source=The+Return&utm_medium=podcast+partnership&utm_campaign=sponsored+episode

Guest LinkedIn: https://www.linkedin.com/in/kelly-bream-5b4aa541/

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

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Anna Clare Harper is joined by Hayley Rees, Managing Director at £50bn+ Pension Insurance Corporation.

In Anna’s words: 

There’s lots of advice for private investors.
Almost nothing on how big institutions back UK housing.
Yet it’s a major growth area.

So I asked Hayley (MD at £50bn+ insurer PIC) what actually works.

We covered:

• How to choose investments: Compare returns to UK government bonds (gilts). Avoid 10 year projects, as there’s a lot of competition for 10 year money. Look for ‘relative value’ - extra returns over 20-30 years.
  
  
• How to structure deals: Set them up to pay steady, long-term income that matches pension promises.
  
  
• Case study – Miller’s Quay: A simple lease helped unlock 500 homes.
  
  
• Fix viability first: The hardest thing today is making the numbers work before you start. Teams who solve this win.

Listen for lessons from £14bn+ invested across UK housing. 

In association with: https://www.ukreiif.com/

Guest website: https://www.pensioncorporation.com/

Guest LinkedIn: https://www.linkedin.com/in/hayleyrees1/?originalSubdomain=uk

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

Send us a text

Richard Donnell, Executive Director at Zoopla joined Anna Clare Harper to share what the latest rental market data means for investors, and how to underwrite real estate deals with the right rent growth assumptions.

Topics include:

• Rent growth has slowed - why and what next for UK rentals
• Underwriting rents to earnings, not history or inflation
• The most invest-able places (and EPC grades) 
• Renters Rights Bill opportunities and risks

We also covered what strategy Richard would invest in

With the benefit of market-leading data:

“I’d put £100m into mid-market second-hand homes 

Near cities in the Midlands and North.”

Thanks to Alto Software Group, sponsors of this mini-series

Sponsor offer: bit.ly/offer-alto

Guest website: zoopla.co.uk 

Guest LinkedIn: https://www.linkedin.com/in/richard-donnell/ 

Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

Host website: annaclareharper.com