There is a chronic shortage of housing in London and the surrounding counties. With London’s rapidly growing population (expected to grow from 8.6 to 10 million people by 2030), and the number of new homes being built falling 25% behind the Government target of 200,000 a year, there is a real need to find innovative ways to increase housing supply.
With this is mind, a property developer, a planning consultant and a marketing director have collaborated to form Patch Partners Ltd (Patch). This newly formed company trains, supports and rewards people to find and evaluate local property opportunities, which have the scope to increase the housing supply in their area. These are mostly driven by evolving planning permission policy and precedent. Incoming opportunities are evaluated by Patch, and then fed to the most appropriate purchaser within Patch’s developer and investor network. Patch is also a purchaser for certain opportunities.
How it works –
As John Skelton, MD of Patch says ‘Local people join as Partners and choose their local ‘Patch’, then undergo a comprehensive part-time training programme, culminating in an accreditation. Partners then have the knowledge and skills to spot and evaluate new and undiscovered housing opportunities. Partners also have the ability to earn substantial fees and profit shares from the opportunities they find. This is a unique and win-win business model, connecting the granular finding and evaluation capability of local people, with technical expertise and investment’.
Joiners are trained in the target housing project types, how to interpret local planning policy, and how to undertake detailed assessment of potential opportunities. It transforms people to become proficient in the most profitable element of property, this being the uplift of planning permission (Planning Gain).
The effects of Brexit –
Planning Gain is largely immune from the effects of the decision to leave the EU, as the significant scope for profit provides a substantial cushion even for stable or falling house prices.
Who can join? –
John Skelton said ‘This business suits people who have spare time, who want to be fast-tracked into the very core of property development, or want improved connections with genuine property investors. We ran a similar business in the 2000’s, where many innovative housing sites were found and developed. This attracted joiners from many backgrounds, such as stay-at-home mums, airline pilots, project managers and property professionals such as letting agents. We already have people joining Patch from a similarly wide range of backgrounds’.
The inaugural training programme of Patch Partners commences in July. By October, these people will be looking for innovative and much-needed housing opportunities in their area, armed with all the core skills, support and earning potential.