1. How did you get into the property industry?
I moved into the property industry after becoming an investor myself back in 1998. I bought a Spanish property “off-plan” and whilst its value increased significantly during the build period, the customer service I received was shocking. There was very little communication or guidance which, as a first-time investor, purchasing overseas, wasn’t reassuring. Through this I saw an opportunity. I understood through first-hand experience what kind of comprehensive service was required by Investors and I entered the market.
2. How does Seven Capital differ from its competitors?
The difference between Seven Capital and many of our Developer competitors is that we have our own distribution channel, rather than using agents to sell our properties, and we focus heavily on customer service. Over the past 4 years we have invested £2million in our aftersales and customer service department to ensure we can offer every one of our customers a great experience when dealing with Seven Capital.
3. What are the biggest issues facing off-plan property investment in the current economic environment?
The main issue is soaring prices. With demand currently higher than the rate of supply, the price of land and plots is increasing. When you combine this with increasing costs for materials and labour, the escape valve becomes the retail price. In Birmingham, we’re already seeing £400ft² and the PLCs are projecting this to rise to £500ft² by 2020.
4. Is Brexit affecting business?
It’s more the political uncertainty surrounding Brexit that’s having an effect on business. “Consumer confidence” is affected heavily by the media and this is causing investors to sit on their hands until they feel comfortable the UK has a bright future. When the media produce positive stories, we will see global investors re-enter the market.
5. What does Seven Capital hope to achieve most in the next 12 months
Our business is built around customer service, so we are working towards continued excellence in this area, handing over 1000 completed apartments and, in terms of our offering for investors, producing 20% capital growth and 7% rental yields.
6. What property news headline would you most like to see this year?
Property market defies Brexit fears.
