Property Focus – The Interview: Jackie Summerfield
What are your views of the current state of the commercial property and property development markets?
All of our clients throughout the corporate development market are reporting revenues up on last year – most are achieving or exceeding their target expectations in terms of sales volume for 2009/10. Tellingly, they are actively building again on sites that had previously ground to a halt, and re-commencing investment into their land banks, which is the strongest indicator of their confidence in market stability.
That said, the wider outlook is still cautious and restrictions on mortgage availability remains an ominous obstacle to sustainable growth. The market urgently needs upward momentum from first- time buyers to maintain its progress.
The momentum would allow developers to begin turning their focus away from the urgent cash generation required to repair their balance sheets, and back towards improving their margins – a critical factor in the area of show home provision, our area of operation.
What key challenges and pieces of legislation do you think will most affect your sector over the coming months?
The fundamental obstacle to growth in property value is demand, not supply. Demand is defined by the means to purchase as opposed to intent – the mortgage lenders effectively hold the fate of the residential market in their hands.
As long as lenders remain as risk-averse as they are, the huge restrictions on the freedom of mortgage availability in turn restricts market growth. To sustain growth, we need greater availability of mortgages across the entire spectrum of potential purchasers.
Why do you think the North West is a good place to do business?
The North West’s calibre as a world-class business destination is reflected in the number of successful global companies that are located in the region, many of which were established here. The area has a lot to offer business, including a fantastic talent pool and an economy larger than 15 EU nations.
What is your favourite building in the North West and why?
Selfridges – it’s a key symbol of the turning point towards sustainability and confidence in the Manchester city centre property market that also proved talismanic for the onward retail investment in the city. All this was a result of the IRA bombing the city centre – for me it serves as a powerful reminder of the region’s self-belief, turning adversity into opportunity – with great shopping.
If you could improve anything in the region, what would it be?
The motorway network – I spend far too much valuable time sitting in traffic jams, although, to be fair I’m not sure it’s a problem specific to the North West!
What was your first job and how did you enter your current line of work?
I started my interior design career aged 17 when I completed an art foundation course at Chester College of Art and Design, followed by a degree in interior design at Brunel University in London. After a year out spent traveling, I joined Inside Right, the largest interior design business in the UK at the time, as a designer and worked my way up to become design director.
What do you most enjoy about your job?
We design our show homes specifically to up-sell our clients’ properties, and get a real sense of achievement and satisfaction from the results – I’m lucky enough to do a job where I get to see the difference our contribution makes, which is extremely rewarding.
What barriers have you faced during your career and how have you overcome them?
There was a point where Show Business Interiors faced a huge challenge where we were overtrading beyond our means and too thinly spread, offering too many different services over which we lacked sufficient control. By stripping away the weaker elements of our product range and focusing fully on the quality of our creative work, we were able to affect an immediate turn around in the company’s fortunes.
What is the best piece of advice you’ve ever been given?
Don’t become a busy fool.
And the worst?
“Trust me” – it’s usually the first sign I’m dealing with someone I really shouldn’t!
