REVIEW 015 THE PANEL
JOHN SLADE, CHIEF EXECUTIVE, BNP PARIBAS REALESTATE
ADRIAN OWEN, EXECUTIVE DIRECTORUK RESIDENTIAL, BNP PARIBAS REALESTATE
NEIL ROBINSON, COMMUNICATIONS DIRECTOR, ABPLONDON
BILL HUGHES, HEAD OF REAL ASSETS,LEGAL & GENERAL INVESTMENT MANAGEMENT
proposition. He said that the commercial market was very cyclical and was currently at a point in the cycle that was very strong, making it a secure asset class in which to invest today. Residential or PRS, on the other hand, is not cyclical. As such, he said that as an investor he viewed residential as the winner over a 10-year period, with commercial coming out on top over the next few years. However, the panel largely agreed that
for residential to become a truly dominant asset class it needed scale, which both Hughes and BNP PRE UK residential director Adrian Owen saw coming over the next five to seven years, particularly through the growth of PRS. Owen said that with the average age of a first-time buyer now over 40-years-
old, private rented housing had no option but to emerge as a dominant asset class. “People are used to renting rather
than owning now,” he said, citing the population’s increasing use of services such as Spotify and Netflix. “PRS is a very immature market, which is why it is very hard for the institutions to get in,” said Owen. “But it is here to stay and it will become a mature market.” Even pro-commercial Slade agreed: “The sands are shifting. PRS is here and there is a lack of commercial stock, but people want to invest in London, so PRS is going to be an asset class to rival commercial.” l CLICK HERE TOLISTEN TO THE DEBATE IN FULL
MARK SWETMAN, FOUNDING DIRECTOR, LSESTATES
CHAIREDBY DAMIANWILD, EDITOR, ESTATESGAZETTE
In association with
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