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This episode was recorded on 20 October 2023 and therefore does not reflect any events after this date.

In our fourth episode of season five, Mary Spencer and Jacob Shah explore the residential property market with Lucian Cook, head of residential research at Savills.

Before we interview Lucian, we also speak to Joel Hartley, Partner at LCP, for our “Views from the Boardroom” feature. One year on from the gilts crisis, we reflect on the lessons learnt by defined benefit pension schemes, the changes Joel’s clients are making to their investment strategies, and thinking carefully about illiquid assets for both well-funded and less well funded pension schemes. 

We discuss:

• An overview of how the residential property market has performed over the last few years and the factors behind that performance.
• Whether waiting for both property valuations and mortgage rates to fall at the same time is wishful thinking or a valid strategy.
• Lucian’s outlook on where valuations may get to in the next couple of years and whether some geographies or types of property are more susceptible to falls in valuations than others.
• The dynamics in the buy-to-let market, what’s behind the double digit rental income growth over the last year and how rents are likely to move in future.
• What policies a Labour government might set if it wins the next election and how that could impact property markets. 
• Recent performance of commercial property and outlook for valuations in this sector.

What’s one thing you would like listeners to take away from this?

Residential property goes in cycles. We would all love to buy property at it’s cheapest, but it’s very difficult to do in reality. Plus, when we talk about residential property, we’re also taking about your home, and it’s important to find somewhere that fits with your lifestyle needs. 

Any recommendations for good books or podcasts:

• All the Light we cannot see by Anthony Doerr – One of the best books Lucian has read in recent years.

• Captain Corelli's Mandolin by Louis de Bernieres – Definitely worth a read or even a re-read.

• And Lucian isn’t a podcast person but does recommend Desert Island Discs and, in particular, the recent episode with Ronnie O'Sullivan. A wild story!

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Each LCP investment uncut podcast is for information and marketing purposes only and does not constitute any form of investment or financial advice or a financial promotion (under the Financial Services and Markets Act 2000). All views expressed by the podcast hosts and guests are purely their own opinions and do not represent those of LCP, its clients or affiliates. Our podcast listeners should always seek independent financial or legal advice before making any financial or investment decisions. Please refer to the Legal Notices section on the LCP website for further information.​