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The Return - Format Update

A quick note from Anna on what is changing and why.

After putting a question out to listeners on LinkedIn, a few clear themes came back - so we’re making changes.

From next month, The Return becomes a monthly, research-led series. Each episode will distill the key insights around a sector, strategy or market shift - anchored in reports and data from leading advisers - and unpacked in terms of what it actually means for investors.

Anna is also bringing on an experienced co-host: a real estate investor with 35 years in the sector.

The goal is more clarity, with lower lift.

Next episode: out next month.

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Most property developments run late, over budget, or both.
Not because developers are lazy.

Because they’re running projects without systems.
Anjuim Moied approached development differently.

Before property, he ran businesses.
So when he started developing sites, he treated them the same way:
With systems.

→ A clearly mapped critical path
→ Project management databases
→ Software tracking every pound spent in real time

Then he bought a derelict bingo hall in Woolston (Southampton).

It had:
→ Lapsed planning
→ Heritage constraints
→ Complex foundations

Many walked away (including the previous owner).

Anjuim turned it into 10 flats + a dance studio.

→ £310k purchase
→ £1.3m build
→ £2.3m asset

43% return.

On time. On budget.

In this episode he breaks down the systems he used to deliver this project - and three other ~£2m developments.

We’re also joined by Ben Mackett from Lloyds Banking Group, who finances developments every year and shares:

→ The warning signs lenders look for
→ Where developers’ forecasts usually go wrong
→ What separates developers who deliver from those who don’t

If you’re building housing, this episode will change how you run your projects.

This episode is in association with (and thanks to) Lloyds:
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/ben-mackett-19709184/

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

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If you're a developer trying to get homes built right now, you're stuck between two impossible choices:

Pay what the landowner needs and lose money on the build. Or offer what the numbers say you can afford - and watch the deal die.

Traditional deals are stalling everywhere. Finance and build costs are too high, sales are too slow, and the gap between what a developer can afford to pay for land - and what the landowner will accept - has become a chasm.

But developers still want to build profitably, lenders and investors still want to back them, landowners still want to unlock value, and everyone agrees we desperately need more homes. Maybe the problem isn't a lack of motivation - it's that the traditional deal structure is outdated.

What if the answer isn't trying to find a motivated seller who can offer cheaper land, or waiting for rates to drop - but structuring the deal itself completely differently, and working with the right kind of investors?

In this episode, we're breaking down exactly how to do that, using a real case study of a deal that looked impossible on paper - a car park in Barnet owned by the Local Authority - but it got funded and is getting built anyway - with Sophie White, Regeneration Sector Head at Aviva Capital Partners, and James Scott, Co-founder and COO at Stories.

This episode is in association with (and thanks to) Lloyds:
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/jmscott2/
https://www.linkedin.com/in/sophie-white-89378a30/

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

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I just interviewed a Former Housing Minister
And he didn’t hold back.

UK housing policy generates headlines daily.
For serious UK housing investors and developers, the challenge isn’t keeping up with announcements.
It’s knowing which policy signals genuinely matter over the next five to ten years.

Lord Gavin Barwell joined the podcast to cut through the noise around UK housing policy, including:

→ How planning reform is really playing out
And why sentiment and affordability matter just as much as policy

→ The delivery gap: why policy failure is often local
And how investors and developers can influence outcomes in practice

→ Why mainstream housing headlines rarely help investors
And how to filter signal from political froth.

If you’re investing in, underwriting or developing UK housing with a long-term horizon - and want to stay ahead of political noise - this episode is worth your time.

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

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/gavinbarwell/

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

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I had to be on my best behaviour for this - interviewing my boss.
Andy Hulme is CEO of The Hyde Group
One of the largest UK Housing Associations
With 125,000 homes
(Also my employer)

He’s also a former Group MD at Lloyds
Where he helped launch Help to Buy.

No pressure, then.

We covered:
- What public-private housing partnerships actually are
- Why housing partnerships fail - despite the best intentions
- The 3 biggest mistakes (and how to avoid them)
- Why “if you're reading the contract, you’re already in trouble.”

If you're a developer, investor, housing provider or local authority trying to deliver more homes through partnerships, this episode is a must-listen.

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

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-hulme-b9830a23/

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

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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/