MD at £50bn Insurer: How I Invest

Send us a textAnna Clare Harper is joined by Hayley Rees, Managing Director at £50bn+ Pension Insurance Corporation.In Anna’s words: There’s lots of advice for private investors.Almost nothing on how big institutions back UK housing.Yet it’s a major growth area.So I asked Hayley (MD at £50bn+ insurer PIC) what actually works.We covered:How to choose investments: Compare returns to UK government bonds (gilts). Avoid 10 year projects, as there’s a lot of competition for 10 year money. Look for ‘relative value’ - extra returns over 20-30 years.How to structure deals: Set them up to pay steady, long-term income that matches pension promises.Case study – Miller’s Quay: A simple lease helped unlock 500 homes.Fix viability first: The hardest thing today is making the numbers work before you start. Teams who solve this win.Listen for lessons from £14bn+ invested across UK housing. In association with: https://www.ukreiif.com/Guest website: https://www.pensioncorporation.com/Guest LinkedIn: https://www.linkedin.com/in/hayleyrees1/?originalSubdomain=ukHost LinkedIn: https://www.linkedin.com/in/annaclareharper/

Send us a textRichard Donnell, Executive Director at Zoopla joined Anna Clare Harper to share what the latest rental market data means for investors, and how to underwrite real estate deals with the right rent growth assumptions.Topics include:Rent growth has slowed - why and what next for UK rentalsUnderwriting rents to earnings, not history or inflationThe most invest-able places (and EPC grades) Renters Rights Bill opportunities and risksWe also covered what strategy Richard would invest inWith the benefit of market-leading data:“I’d put £100m into mid-market second-hand homes Near cities in the Midlands and North.”Thanks to Alto Software Group, sponsors of this mini-seriesSponsor offer: bit.ly/offer-altoGuest website: zoopla.co.uk Guest LinkedIn: https://www.linkedin.com/in/richard-donnell/ Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: annaclareharper.com

Send us a textRiccardo Ianucci-Dawson, CEO of £50m Annual Recurring Revenue (ARR) Alto Software Group, joined Anna Clare Harper for this episode.It’s hard to get real estate deals done in 2025.With caution, fall-throughs and zombie pricing.So some smart investors are buying real estate businesses.Not just assets.@Riccardo Ianucci-Dawson is CEO of AltoA £50m ARR estate agency CRM powering 25,000 agents.We discussed:How smart investors are growing in 2025Top leadership lessons from raising a daughter with autismWhat he has learned scaling and selling 3 businesses before age 35.P.S. Thanks to Alto, sponsors of this mini-series of The Return.Guest website: https://www.altosoftware.co.uk/ // bit.ly/offer-alto Guest LinkedIn: https://www.linkedin.com/in/riccardoid/Host LinkedIn: https://www.linkedin.com/in/annaclareharper/

Send us a textMartin Wolf CBE is Chief Economics Commentator at the Financial Times.Described as “the most important economics commentator in the world.”I had such fun recording this. Thank you for sending in your questions.If you’re a real estate investor, policymaker or fellow economics nerd, this episode is for you.We covered:The costs and benefits of land/property taxes.→ The right thing to do, but destabilising?How house price increases don't create growth.→ They transfer wealth from young buyers to older owners. Cities like London can't be torn down and re-built.→ Investors must embrace retrofit, urban intensification and greenfield development around stations. Career advice:→ “Choose something that stimulates you. If it bores you, you’ll be bad at it.”Guest website: https://www.ft.com/martin-wolfGuest Twitter: https://x.com/martinwolf_Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: greenresi.com 

Send us a textAnna Clare Harper joined Charlie Martin on his podcast, The Responsible Edge.In Anna’s words:There’s a £2.2 trillion UK housing opportunity Unlocked using clever automation and AIBut hiding in plain sight:Existing private and social homesThat need upgrading quickly.AI can help analyse portfolios To make fast, reliable decisions.So analysing 10,000 homes takes hours, not months.But, TBT - AI has its limits e.g. in construction.I explored this with Charlie Martin on The Responsible Edge podcast.As well as the commercial case for inclusion. This is a key theme in Charlie’s podcast.It also underpins a new programme I am working on. Guest website: https://theresponsibleedge.com/Guest LinkedIn: https://www.linkedin.com/in/charliekmartin/Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: greenresi.com 

Send us a textMelanie Leech CBE, British Property Federation CEO joins Anna Clare Harper.In Anna’s words:‘35% of no new homes is still nothing.’People love to blame planning for our housing crisis.But it’s only half the story.You also need to:Tackle construction cost inflationManage skills and labour shortagesNavigate new regulations (eg building safety, net zero)Make the numbers work with 35% ‘affordable’ requirementsI loved chatting with Melanie Leech CBE, Chief Executive of the British Property Federation, about the blockers and opportunities in real estate today.Melanie is one of those rare leaders who instantly earns trust: diplomatic, clear and genuinely passionate about making things better - not just talking about it. Key takeaways include:Policy stability matters as much as policy content.Housing remains investable and is evolving fast. Those who understand new delivery and ownership models (e.g. for-profit RPs, JVs) will unlock huge opportunities. The new Building Safety Regime is a major bottleneck. Emerging leaders must understand how these rules affect delivery timelines and project viability.Guest website: https://bpf.org.uk/about-us/board/Guest LinkedIn: https://www.linkedin.com/in/melanie-leech-58053218/Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: greenresi.com 

Send us a textDavid Smith, Economics Editor at the Sunday Times, Award-winning journalist and Author with Anna Clare Harper.In Anna’s words:The housing crisis isn’t just about supply. It’s about who owns what – and who pays for it.In this episode, I spoke to David Smith, Economics Editor of the Sunday Times since 1989 – and a role model who first got me (and many others) interested in economics as a teenager.We covered:- Why 68% of property wealth is held by over-55s  → creating intergenerational unfairness and a sticky housing market - What a reformed property tax system could look like  → and why politicians are too scared to go there - Why the loss of Buy-to-Let as a ‘starter business’ model is especially bad for women  → and how we can boost financial confidence and investment by closing the gender gapGuest website: https://economicsuk.com/Guest LinkedIn: https://www.linkedin.com/in/david-smith-71730325/Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: https://www.greenresi.com/

Send us a textTenants are happier than owners.(and that’s not the only surprising truth about new builds).I chatted Hannah Marsh, a co-founder of HomeViews, the biggest property review platform in the UK - dubbed the TripAdvisor for property - and recently acquired by Rightmove.In this episode of the podcast, she shares what she learned scaling and selling two startups. She also shared the surprising results of data on Build to Rent from Rightmove and HomeViews, and what opportunities the result - including:●     Why tenants rate their experience higher than owners - challenging the assumption that ownership = satisfaction. ●     The myth of sustainability - and which residents really care. Hint: it’s not the young, despite media headlines. ●     The features renters value most - but operators don’t promote - like security and repairs. ●     The branding blind spot (and opportunity) - only 56% of BTR residents know they live in a "Build to Rent" home.Guest website: https://www.homeviews.com/Guest LinkedIn: https://www.linkedin.com/in/hannah-marsh-32a82416/Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: https://www.greenresi.com/

Send us a textMonica O'Neill is CEO of ENSO Advisors LLC. She was a Co-Founder at Tristan Capital Partners, and a Managing Director at AEW Europe. She joined Anna Clare Harper for this episode of The Return.Monica has grown two multi-billion dollar real estate platforms and helped shape the US affordable housing system (via Low-Income Housing Tax Credit).Now she’s doubling down on UK residential, especially affordable and supported housing.In this episode, we discuss:-       Why 2025 is a ‘vintage year’ for UK affordable and supported housing -       What the UK can learn from US affordable housing tax breaks-       Why it’s so important to ask more questions - and ignore hype Her advice?“If you can’t explain the risks out loud, you don’t understand it.”Wire Wisdom https://podcasts.apple.com/us/podcast/wire-wisdom/id1797011168 Guest LinkedIn: https://www.linkedin.com/in/monica-oneill-greenstrategies/ Host LinkedIn: https://www.linkedin.com/in/annaclareharper/ Host website: https://www.greenresi.com/

Send us a textRichard Hyde, founder of Thinkhouse joined Anna Clare Harper for this episode of The Return. ThinkHouse is a brilliant, hand-selected library of housing insights.Written by people who’ve been in the weeds.So you don’t need to reinvent the wheel.→ Work smart, not hard.This week on The Return, Anna spoke to Richard Hyde, founder of ThinkhouseA library of 1,000+ reports on housing, policy and strategy.Highlights:  -  98% of homes we’ll live in by 2030 already exist → retrofit is key  -  Land release is blocked by inertia, not intent  -  Planning reform alone won’t fix viability  -  Small builders + compliance tools = overlooked opportunityListen in to learn what’s working, what’s missing and where the real opportunities lie.Guest website: https://www.thinkhouse.org.uk/Host LinkedIn: https://www.linkedin.com/in/annaclareharper/Host website: https://www.greenresi.com/