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Date: 18 May 2024

Author: Rachel Bartlett

Fresh Perspectives in the South Coast Property Market

Welcome to the Property Podcast, in partnership with The Business Magazine. This episode dives into the evolving landscape of property development on the South Coast, highlighting the challenges and opportunities faced by professionals in the industry.

Key Speakers

  • Stephen Emerson: Managing Editor at The Business Magazine
  • Adam Tovey: Director at MSP Capital, chartered surveyor, leading lending, credit, and risk teams.
  • Nigel Price: Chairman of Crosby Residential, with over 45 years of expertise in residential agency, particularly in new homes.
  • James Kidner: Partner at law firm Trethowans, specialising in commercial and residential property development in Dorset.

Highlights

Opportunities in 2024 The South Coast continues to attract new residents, driven by the ability to work from home and the desire for a coastal lifestyle. This demand presents significant opportunities for property developers, particularly in building homes for both sale and rent.

Funding Landscape Adam Tovey discusses the current funding environment, noting that while high street lenders have pulled back, alternative lenders like MSP Capital are stepping in. Key factors for successful funding include the right location, the right product, and a strong borrower track record.

Rising Rent and Demand Nigel Price highlights the increasing rents and the scarcity of rental properties, driven partly by government policies that have pushed landlords out of the market. There’s a strong demand for new rental developments to accommodate those unable to purchase homes.

Planning Challenges James Kidner addresses the significant delays and inconsistencies in the planning process, which are causing frustration and financial strain for developers. The discussion touches on the need for more streamlined and predictable planning regulations to support sustainable development.

Positive Market Outlook Despite the challenges, the panel remains optimistic about the future. They anticipate a more stable market with increased transactions and continued demand for property development on the South Coast.

Sharing their hopes for the year in the first podcast episode, both Nigel and James are upbeat.

Discussing the drop in fixed-rate mortgage rates in January, Nigel says: “The start to the year was not what we were expecting, in a positive way. The cuts took people by surprise and bode well for the market this year. We’ve had pent-up demand – now, people just want to get on.”

James says: “After what was a challenging year, there are elements of good news in the mortgage market, with rates more under control. Positivity in the mortgage market is going to bolster enthusiasm for the year ahead.”

Conclusion

The podcast concludes with a positive outlook for 2024, emphasising the resilience and adaptability of the property market professionals. With ongoing collaboration and support, the South Coast property market is poised for growth and success.

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