One-on-one interview: Paul Eden of Regal Homes
This week, Marc Da Silva continues his ongoing series of interviews with senior figures in the UK property industry by turning the spotlight on Paul Eden, founder and CEO of Regal Homes.
What regions do you cover? A key strategy for Regal Homes is to develop solely in central London. Currently, we are focusing on north and eastern boroughs, and are actively developing in these areas.
What are housing market conditions currently like in those areas? After an uncertain few years, the market within central London continues to recover and quickly gather momentum. Figures from the ONS show that prices in London have increased by around 10% in the past year, and we expect this rise to continue.
What types of properties is your firm developing? Regal Homes focus primarily on developing apartment schemes. We have also developed several high-end luxury "TurnKey" homes.
What projects are Regal Homes working on and what's in the development pipeline? We currently have six active developments, located in Hackney, Dalston, Queens Park, Holborn, Shoreditch and Hendon. The developments will comprise innovatively designed one-, two- and three-bedroom apartments. For 2014 and beyond, we will be launching a number of new sites across London, with a focus on regeneration schemes.
How much does a new home by Regal Homes typically cost to buy? We offer a range of unit types that appeal to a number of different purchasers- our apartments typically start from £300,000.
Why should more buyers consider buying a new-build home as opposed to older property? There are a myriad of reasons to choose a new build property. New-build properties generally require fewer repairs post-occupation, and are built to incredibly high standards because of building control regulations when it comes to ‘green living', reducing energy bills. Regal Homes offers a 10-year warranty, ensuring owners' peace of mind.
Is it worth buying property during the off-plan stage of construction? Absolutely - for two reasons. Firstly, buying at such an early stage allows the purchaser to choose exactly what plot they would like. Secondly, purchasing off-planwill also allow for the developer to incorporate any potential interior changes that the purchaser might have, although some schemes may be more restricted than others. Developments can often take anywhere from two to five years to complete, and during this time, values can rise dramatically, proving excellent returns for purchasers
What is Regal Homes' USP? As a mid-sized developer, we are proud to offer the quality of a larger housebuilder, with the assistance and after care of a smaller company. Ultimately, we are an ambitious and innovative boutique developer, and believe passionately in building excellent homes in areas of London that people want to live in.