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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/