Place North West Industry Leader Roundtable: What’s Really Going On In The Residential Market?

Place North West Industry Leader Roundtable: What’s Really Going On In The Residential Market?

Residential property has had a turbulent few years, and caution is the word of the moment. But is the market really as stuck as the headlines suggest? Ocasa Homes CEO Ian Scott joined a panel of industry leaders at a Place North West roundtable to explore where the sector stands, where the opportunities are, and what government could do to get more homes built.

Around the table:

• Ian Scott, CEO, Ocasa Homes
• Louise Emmot, Managing Director, Kingsdene
• James Wilson, Partner, Allsop
• Giovanni Pilla, Director, Residential Capital Markets, CBRE
• Guy Butler, Co-founder, Glenbrook
• Elle Gray, National Head of Living Investment, Lambert Smith Hampton

Watch the full discussion below:

Development is stuck, but the market isn’t 

“I think it’s unfair to say that everything out there is sluggish and stagnant. Development is what’s stagnant.” 

– Ian Scott, CEO, Ocasa Homes 

New-build schemes are struggling to stack up when build costs outstrip end values, whether the buyer is a build-to-rent investor or the open market. The wider market keeps ticking over, though, and rising yields are giving investors room to be opportunistic. 

“Investment volumes so far across multifamily and single family are actually up compared to this point last year.” 

– Giovanni Pilla, Director, Residential Capital Markets, CBRE 

The caution shows in where the money is going. Most deals are for stabilised, completed assets rather than forward-funded development. 

Where the demand is 

“I feel like there is a market for mid-rise product at the moment.”

– Louise Emmot, Managing Director, Kingsdene

Viability constraints have cooled high-rise, particularly in build to rent, while mid-rise is more accessible for renters on affordability. Co-living is on trend, with its long-term prospects still to be proven. PBSA is in high demand across Manchester, with students drawn to the community it offers.

“Single family housing seems to be one that keeps going from strength to strength in what is a particularly difficult market.”

– James Wilson, Partner, Allsop

While multifamily struggles, single family continues to outperform. PBSA moves in cycles city by city, and for now Liverpool is leading the way.

What the Budget could do 

“I think the government could help in the budget by making things easier in terms of the cost of debt.” 

– Guy Butler, Co-founder, Glenbrook 

Alongside lower borrowing costs, more support through Homes England could boost housing delivery, though there’s no simple fix. 

“There has to be some assistance here to get some projects out of the ground, otherwise we’re just never going to hit that target that we’ve got for housing delivery.” 

– Elle Gray, National Head of Living Investment, Lambert Smith Hampton 

Affordable housing, grant funding and unlocking viability sit at the heart of that. Co-living has a role too: not a fully affordable product, but slightly more affordable homes in key areas. 

“I think Stamp Duty definitely needs looking at. From a first-time buyer perspective, we need that market moving.” 

– James Wilson, Partner, Allsop 

Combined authority funding for city centre development is welcome, but getting it on board needs to be quicker and easier. 

Greater Manchester shows the way 

“If developers for some of these constrained sites and non-viable schemes do not get help, they simply will not happen.” 

– Ian Scott, CEO, Ocasa Homes 

Greater Manchester has a long track record here. Brownfield grant funding and local authority intervention were helping schemes across GM’s towns long before the new Good Growth Fund. The next step is rolling that model out nationally, so every major conurbation can benefit. 

The Takeaways 

“You’ve got single family, you’ve got co-living, you’ve got PRS, you’ve got build to rent, but all of those sectors are suffering difficulties at the moment.” 

– Guy Butler, Co-founder, Glenbrook 

Residential has more layers than ever, and each faces its own pressures. Across all of them, delivery has stalled. 

“It’s really important to remain resilient and always find a positive in the market and pull together like this property industry does.” 

– Louise Emmot, Managing Director, Kingsdene 

After years of turbulence, the sector’s resilience remains one of its biggest strengths. 

“I think it’s a great time to be an existing investor trying to find value in existing real estate, maybe some retrofit projects.” 

– Ian Scott, CEO, Ocasa Homes 

Registered providers and housing associations are also set for a strong couple of years on the back of grant funding, with the onus on them to deliver quickly. 

“Whilst the positive fundamentals are there, we are still in a really tough environment.” 

– Giovanni Pilla, Director, Residential Capital Markets, CBRE 

Investor appetite is broad, and rental growth, occupancy and take-up are all strong. The challenge is turning that demand into new homes.

The Ocasa Homes view…

At Ocasa Homes, we believe residential’s foundations are solid: demand is strong and capital is still flowing. But without targeted support to fix viability, new homes won’t get built. For investors and operators focused on existing stock, the opportunity is now.