Property Focus: The Interview – David Caught

In our series of interviews with top professionals from across the property sector, TheBusinessDesk catches up with David Caught, sales and marketing director for Muse Developments.

What are your views of the current state of the property development market?

I think people would be surprised as to the state the property market is actually in. It’s in a better state than the media has portrayed it over the last 18 months.

Considering the economic climate, we’ve seen healthy levels of interest and sales. The real stumbling block is the lack of property available.

What key challenges and pieces of legislation do you think will most affect your sector over the coming months?

The key challenge we’re facing is the perception that the property market has stagnated. People read that the market is crippled. They respond much quicker to bad news than good news. So if government legislation backs up that bad news story, we’ll continue to have a problem.

The best way the government can keep that downward spiral going is by making people feel they’re being hit in their pockets. If people think they have less money, the property market grinds to a halt, which hits developers, investors and right the way down the property ladder.

If interest rates go up and the proposed tax and national insurance increases go through people will feel they have less money. They’ll stay put, the chain won’t get moving.

Unemployment is a huge part of that mentality as well. While people fear for their jobs and fear being out of work, property is the last thing on their minds. The government needs to develop confidence in the jobs market to bring back confidence in the property market. 

The first thing I’d do if I could get the keys to the treasury would be to do something to target first-time buyers. Loan-to-values, reducing the size of deposit needed, is a great first step.

We’re the only development in Liverpool city centre offering Homebuy at St Paul’s Square and we have seen a tremendous number of first time buyers expressing an interest because of that but it’s only a limited offer with a set time on the scheme so buyers need something more long term. 

Why do you think the North West is a good place to do business?

There’s a can do attitude in the North West, particularly linked to regeneration projects that has a huge impact on your mindset as a developer.

When a local authority or a regional funding body responds positively to your plans and works to help you make it a reality you know you’re working to a more productive future.

What is your favourite building in the North West and why?

Beetham Tower in Manchester made headlines from the minute it went before planning. Because of its height and design it was the first of its kind in Manchester and to me reflected a real sense of ambition for the city at the beginning of the 21st century, a desire to create a focal point for people visiting the city that dominated the skyline.

If you could improve anything in the region what would it be?

Planning, transport links, and weather.

What was your first job and how did you enter your current line of work?

My first job was with the Civil Service. My current job came via a combination of an interest in property, both in the sales side and the stages of construction.

What do you most enjoy about your job?

It sounds like a cliché but yes, travel.

When a development is completed, and you’ve been onboard from concept right through delivery, that’s a great feeling.

Also the complexities of buying and developing land, there’s the risk there as you’re relying on your ability and sometimes your wits to choose the right product.

What barriers have you faced in your career and how have you overcome them?

At every stage as my career has progressed I’ve moved out of my comfort zone. You can over think things, but I’m very much of the school that if you’re facing a challenge just build up your knowledge and get on with it.

What’s the best piece of advice you’ve ever been given?

Check, check and double check.

And the worst?

Don’t worry too much about detail.