Propenomix with Adam Lawrence

Hosted by Adam Lawrence

BusinessInterviews guests

Website RSS feed

Episodes

145

Latest episode

Jun 2026

Language

EN-GB

About the show

The UK's Premier Property, Business, Markets & Economics Podcast. With your host: Adam Lawrence

Listen to episodes

60 recent

June 13, 202639 min

Three Weeks of Bad Data and One Orange Man

Back after a four-week break, Adam runs through everything that's moved in the UK property market over the past month, and the picture has shifted. Transactions are now down three weeks running, with last week's sold-subject-to-contract figures off around 9% year on year. Adam explains why the slowdown is showing up in June rather than March: the 90-day decision-in-principle window that locked first-time buyers into sub-4% rates has finally run out, and the new world of 4.75 to 5% is quietly pricing people out. First-time buyers are still 55% of the market, so when their borrowing power drops, everything feels it. Also in this one: • TrumpWatch: how the Iran situation and the oil price are setting inflation expectations and feeding straight into UK swaps • The five-year swap's run up towards 4.4% and back, the 30-year gilt near 5.5%, and why deals are now being modelled on 6 to 6.1% money • The supply glut explained: over-instruction, only 54% of listings actually selling, and a 25% gap between asking and agreed prices • Why nominal house prices are a nonsense, and how, adjusted for RPI, we're sitting back at Q1 2003 • The gearing-up versus gearing-down trap, and a few honest words on what Rich Dad Poor Dad got wrong about "good debt" • London: 20, 30, even 40% discounts appearing, and why this might be the best buying window in a decade if the yield can be made to work • The Labour leadership question, the Makerfield by-election, and what a Burnham win (and his choice of chancellor) could mean for landlords, from a Torsten Bell land value tax to a steadier Pat McFadden • A grounded look at rent controls, what Scotland's "rent cap" actually did, and the difference between stabilisation and a 1970s rent officer Plus a word on the upcoming Property Business Workshop in central London, the only day in the UK dedicated to due diligence, run with Rod Turner and this time with special guest Claude alongside for the live due diligence exercise. Booking link: www.tinyurl.com/pbweleven Read the full Supplement every Sunday on LinkedIn and the Property & Poppadoms website. Keep calm, carry on, and come back every Sunday.

May 13, 20261 hr 8 min

The £76k new-build tax, EPC illusions and why Britain has stopped building

Is the UK property market crashing, or is it just geographically divided? ***CHECK OUT OUR NEXT WORKSHOP: www.tinyurl.com/pbweleven*** In this week's Propenomix Sunday Supplement live version, I dive deep into the unvarnished reality of the UK economy and housing market. I break down the massive 27.4% gap between property listing prices and actual sale prices, the horrifying cratering of the UK construction sector, and exactly why it now costs £76,000 more to build a house than it did in 2020. Plus, I look at the seismic shock of the local elections - what does a Nigel Farage/Reform UK surge mean for landlords, rent controls, and the bond markets? If you are a property investor, developer, or just trying to navigate UK interest rates and inflation, this is the only macroeconomic breakdown you need this week. 👇 SUBSCRIBE & DROP YOUR QUESTIONS IN THE COMMENTS! 👇 In this 1-Hour Live Stream, I cover: Trumpwatch: The US Court blocks global tariffs & the UK local election fallout. The Reality of the High Street: Why 46% of homes are withdrawing unsold. Halifax House Price Index: The brutal North-South property divide. Macro Data: S&P PMIs flash red for construction as supply pipelines dry up. Gilts & Swaps: Why "Higher for Longer" interest rates are locked in. The Deep Dive: How political shifts will impact your property portfolio and EPC illusions. ⏱️ Video Chapters / Timestamps 00:00 - Intro: Welcome to the Sunday Supplement Live! 02:15 - Trumpwatch: Local Election Shocks & Trade War Updates 12:30 - UK Property Market: 637k Listings & The "Hopium" Epidemic 20:45 - The 27.4% Pricing Delusion: Why Half the Market is Failing 28:00 - Halifax House Price Index: Real Terms Shrinkage & The North-South Divide 36:15 - The PMI Horror Show: UK Construction is Cratering 45:00 - Supply Chain Crisis: The £76k "New Build Tax" & Material Costs 51:30 - Gilts, Swaps & Interest Rates: Are We Stuck at 4.5%? 55:20 - The Deep Dive: How Politics & Populism Will Impact Landlords 1:00:00 - Live Q&A and Final Thoughts #Propenomix #AdamLawrence #Property #Business #Economics #Markets ***CHECK OUT OUR NEXT WORKSHOP: www.tinyurl.com/pbweleven***

May 9, 20261 hr 14 min

Pricing Hopium - Housing, Tariffs and the End of Hope

Episode Title: Whisky Carrots, Tech Sticks & The Death of Pricing Hopium Show Notes: Upcoming Event: Before we dive into today's macroeconomic breakdown, a quick reminder: Navigating a market devoid of "pricing hopium" requires airtight analysis. My next Property Business Workshop is coming up, and we are focusing entirely on Due Diligence. If you want to stop guessing and start running the real numbers on your acquisitions, secure your spot now: www.tinyurl.com/pbweleven Welcome back to the Propenomix Podcast. In this episode, we are breaking down my latest article and deep-dive: "Whisky Carrots, Tech Sticks, and The Death of Pricing Hopium." We are officially in an era where sentiment and headlines don't pay the bills - structural data, deep economic analysis, and pragmatism do. Today, we cut through the noise to explore the macroeconomic drivers actually influencing UK property returns right now. We discuss what I refer to as "Whisky Carrots" (the genuine, mature incentives and opportunities in the market) versus the "Tech Sticks" (regulatory pressures, EPC targets, and compliance data forcing landlords' hands). Most importantly, we dissect the "Death of Pricing Hopium" - why the era of waiting for zero-interest-rate valuations to magically return is over, and why sellers and investors must finally face the reality of the current economic cycle. If you want to make investment decisions with confidence rather than fear, grab a notebook. It's time to look at the real numbers. CHAPTERS & TIMESTAMPS: Introduction & Cutting Through the Property Headlines The Macro Landscape: Inflation, Yields, & The Reality of the Economy What are "Whisky Carrots"? (Finding Genuine Value & Mature Incentives) The "Tech Sticks": EPCs, New Regulations, and The Cost of Non-Compliance The Death of Pricing Hopium: Why Sellers Must Face Reality Now Capital Flows, Commodities, & Global Macro Trends into 2027 Adapting Your Property Strategy (Hold, Fold, or Refinance?) Audience Q&A: 4% Mortgages, Margins, & Portfolio Restructuring Final Thoughts & How to Read the Sunday Supplement RESOURCES & LINKS: 🎟️ Join the next Property Business Workshop (Focus: Due Diligence): Bulletproof your acquisition strategy by booking your ticket here: www.tinyurl.com/pbweleven 📖 Read the original article: https://www.linkedin.com/posts/adamglawrence_propertymarket-macroeconomics-ukhousing-ugcPost-7456620611306606592-7_aZ ✉️ Subscribe to the Sunday Supplement Newsletter: https://propenomix.com/ 💼 Connect with Adam on LinkedIn: https://linkedin.com/in/adamglawrence/ ABOUT ADAM LAWRENCE: Adam is the founder of Propenomix, author of the acclaimed Sunday Supplements economic newsletter, and host of the Propenomix Podcast. With a corporate background in wealth management and a property career that started in earnest in 2011, Adam has been involved in over 850+ UK property deals and portfolios. His approach blends real economics, structural data, and practical investor experience to empower you to build strategies that align with real capital markets. Enjoyed the episode? Please hit "Follow" on Apple Podcasts, Spotify, or wherever you listen, and consider leaving a rating and review to help spread the word of Propenomix.

March 30, 20261 hr 14 min

Lowering the Speed Limit to Save the Economy (And Other Bureaucratic Delusions)

The Strait of Hormuz is effectively closed , Brent crude has blasted past $100 a barrel , and the Bank of England has slammed the brakes on rate cuts . Welcome to another essential reality check on this week's Propenomix Supplement. We are stripping away the mainstream noise to look at exactly how global geopolitics, staggering private credit failures, and a flatlining UK economy are impacting your portfolio right now. The facts have changed, and your strategy needs to change with them. What we cover in this week's episode: Geopolitics & Trumponomics: Tariffs are back on the menu with a maximum threat of 15% . Meanwhile, the Middle East conflict is sending European wholesale gas prices up nearly 100% on the month . The UK Property Market: We've hit a 10-year high for March listings . Transactions are functional , but the glut of supply has led to the longest average time to sell since 2013 . Bond Market Bloodbath: The flagship 10-year gilt is threatening the 5% yield mark for the first time since the financial crisis . We discuss why you must stress-test your debt exits at 6% to 6.25% . Deep Dive: The £1.7bn MFS Collapse: A forensic look at the Market Financial Solutions administration . We break down the "double pledging" allegations , the massive institutional contagion , and the incoming fire sale of 250 Prime Central London properties . Bank of England's 9-0 Hold: Why the MPC voted unanimously to hold the base rate at 3.75% , the BoE's expectation that inflation will bounce back to 3.5% , and the very real threat of stagflation as GDP crawls at 0.1% . The Labour Market & Construction: Why self-employment plummeted by a staggering 242k in 2025 , how businesses are turning to automation instead of hiring , and why the 1.5m homes goal is an utter pipedream as planning apps fall again . Generation Rent's EPC Fantasy: Breaking down the new £10,000 EPC cost cap and why backdoor rent controls will simply drive landlords to sell up and buy 5% government bonds instead . This is not a time for marginal deals . Tune in to get the raw data and the macroeconomic perspective you need to defend your portfolio and spot the generational acquisition opportunities hiding in the distress . Listen now on all major platforms.

March 22, 20261 hr 5 min

The Per-Capita Recession, 4% Mortgages, and Why 'Wait and See' is the Only Strategy

We are officially in a per-capita recession, meaning the average person in the UK is getting steadily poorer, despite the headline vanity metrics trying to suggest otherwise . In this week's agenda-free UK Property and Macroeconomic roundup, we cut through the noise of the mainstream headlines to deliver the unvarnished reality of the market . Mortgage rates are all over the place, with the potential of rates being cut in the US while being raised in the UK . As Mohamed El-Erian points out, "We are navigating a global economy that is structurally different, not just cyclically delayed. The old playbooks will not work" . If your business model is built on waiting for cheaper debt, you need to change the model or move on . Grab your black armbands, because we are diving deep . In this episode, we cover: Macro Headwinds & Trumponomics: We discuss the ongoing war, the intense volatility in the oil market, and the US Trade Representative's investigation into 60 major economies for "forced labour" and "manufacturing overcapacity" . The Illusion of Growth: We break down the latest GDP Growth report, which printed 0% for growth in January, and explain why the 0.1% uptick in Q4 2025 masks underlying weakness . Property Market Reality Check: A deep dive into the RICS Residential Market Report and Hometrack's Rental Market Index . We explore why rental supply is still 23% below pre-pandemic levels and why the Buy to Let sector represented just 8.4% of gross mortgage advances in Q4 2025 . The Ground Rent Farce: We expose how the proposed £250 cap on ground rents will inadvertently deliver an estimated £8.7 billion windfall to property investors rather than helping owner-occupiers . Demand Support & The SME Crisis: An analysis of the LPDF and Savills report on introducing demand support, and why SME developers are capturing an increasingly small share of the new build market . Gilts & Swaps: The 5-year gilt yield closed the week at 4.35%, and we explain why the next move the Bank of England makes might actually be a rate hike . Links & Resources: Our next Property Business Workshop is selling fast! Join us on Wednesday 22nd April in Central Manchester to discuss tax, risk, deal structuring, and exit options . Secure your tickets here: www.tinyurl.com/pbwten Keep Calm, ALWAYS listen to or read the Supplement, and Carry On .

February 5, 20261 hr 10 min

The Death of Leasehold & The London Construction Collapse

In this jam-packed episode of Propenomix, we navigate the collision of global macroeconomics and the gritty reality of the UK property market. From the "bull in a china shop" impact of Trumponomics on UK SMEs to the legislative earthquake of the Commonhold and Leasehold Reform Bill, we strip away the headlines to reveal what the data actually says. We deep-dive into the "death of leasehold" and the radical 50% threshold for commonhold conversion, dissect the government's £39bn social housing pledge, and analyze why London's Build-to-Rent sector is facing a construction "cardiac arrest." Plus, we explore why "capital allocators" see yields differently than the rest of us. In This Episode: 🌍 The Macro View: Trumponomics & Trade Wars How UK firms are reacting to US tariff threats and the rise of the "Anti-Coercion Instrument." Why 21% of UK SMEs now rate US tariffs as their #1 economic concern. 📈 The Market Data: Listings, Lags & Regional Winners Chris Watkin's Stats: A 10-year record for reductions and the return of the "listings glut." Zoopla Index: Why the North West is surging (+3.5%) while London stalls, and the "discipline" dominating Southern sellers. Scotland's Warning: Evidence of landlord consolidation and the 8% LBTT sting. ⚖️ Legislative Deep Dive: The Commonhold Revolution The "Feudal" End: The ban on new leasehold flats and the £30k fines enforcing it. The 50% Threshold: How a simple majority could drag an entire block into commonhold (and what happens to the dissenters). Ground Rent Caps: The £250 cap, the 40-year sunset clause, and the abolition of forfeiture. 🏗️ Sector Spotlight: Social Housing, Co-Living & BTR Social Housing: The truth about the £39bn fund and the "free money" 0.1% loans for providers. The S106 Emergency: Why the "clearing service" is really a distressed asset register. Co-Living Goes Mainstream: Why Earls Court is betting big on co-living and the shift to on-site affordable housing. Build-to-Rent Reality Check: The "delivery lag"—why completions are up 13% but starts have collapsed by 80% in London. 🧠 The Propenomix Philosophy Yields vs. Growth: Understanding the mindset difference between "BRR hustlers" and institutional "capital allocators." Key Quotes: "The 'London Premium' has become a 'London Penalty.' Construction costs in the capital are eye-watering, and investors are voting with their wallets." "The government is trying to make commonhold robust... but the reliance on members voting for budgets fills me with dread." Links: Adam's LinkedIn: https://www.linkedin.com/in/adamglawrence/ Daily PropenomAIx Newsletter: https://www.linkedin.com/newsletters/7392088970785878016/ Propenomix YouTube: https://www.youtube.com/@propenomixwithadamlawrence Weekly Sunday Supplement Newsletter: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/

February 3, 20261 hr 14 min

The Great Regional Decoupling & The "Warm Homes" Reality Check

Is your investment strategy built for the reality of 2026, or are you holding onto a "zombie" portfolio? Summary: In this deep-dive episode, Adam Lawrence breaks down the convergence of macroeconomic shifts and regulatory hammers hitting the UK property market. From the "Trumpomics" ripple effect to the government's 152-page Warm Homes Plan, we analyze why the gap between the North and South is widening into a canyon and what the 84% collapse in London construction starts means for your exit strategy. What we cover this week: Trumpomics & Global Yields: How US tariffs and Arctic cooperation are jerking the UK gilt and swap markets. The 2026 Property Snapshot: Real-time stats on the "glut" of New Year listings and the 22% gap between asking and sold prices. EPC C by 2030: A brutal look at the Warm Homes Plan. Is the £10,000 cap realistic, or will it force a mass landlord exodus? The Green Mortgage Myth: Why the 7.5 bps "green discount" is a rounding error, not an incentive. London's Construction Cliff Edge: Analyzing the "Molly Report"—why private construction has plummeted 84% and the "mid-market trap" for £1,200/sq. ft. apartments. Regional Winners: Why Northern Ireland, Scotland, and the Northwest are seeing 90%+ of homes increase in value while the South stagnates. Timestamps: [ 00:00 ] – Intro: "Show me the incentive, I'll show you the outcome." [ 02:08 ] – Trumpomics, Greenland, and the impact on UK yields. [ 05:15 ] – UK Property Market Stats: The 2026 Week 2 breakdown. [ 11:25 ] – Macro Outlook: Unemployment, wage growth, and the 5.7% prediction. [ 33:30 ] – Deep Dive: The EPC "Warm Homes Plan" and the 2030 deadline. [ 48:40 ] – The Bank of England's take on Green Mortgages. [ 55:05 ] – The London Development Collapse: "Zombie sites" and the construction cliff. [ 01:03:20 ] – Zupla 2025 Analysis: The Great Regional Decoupling. [ 01:12:40 ] – Outro & Upcoming Manchester Workshop details. Links & Resources: Next Workshop: Property Business Workshop (Manchester - Wed 22nd April). Book here: www.tinyurl.com/pbwten Follow Adam on Socials: https://www.linkedin.com/in/adamglawrence/ Subscribe to the Supplement: https://www.linkedin.com/newsletters/propenomix-sunday-supplement-7164384154992771072/ Keywords: UK Property Market 2026, EPC Regulations 2030, Warm Homes Plan, Buy to Let Strategy, UK Inflation, Green Mortgages, London Property Crash, Propenomix, Adam Lawrence, Real Estate Investing UK.

January 16, 202658 min

The 2026 Mild Zombie Apocalypse - 2026's Kick Off!

The Media is Watching Greenland. I'm Watching the Bond Yields. While the headlines are hyperventilating over Trump's rhetoric on acquiring Greenland or the "generosity" of Venezuelan oil deals, they are missing the actual story. The structural reality is far more significant: a $200bn direct intervention in the Mortgage-Backed Securities market and a hard cap on credit card interest. This isn't just populism; it's market interference of the highest order. And frankly, the Gilts are loving it. Back home, the "Zombie Apocalypse" has officially arrived—at least according to the Resolution Foundation. But before you panic, look at the maths. We are staring down the barrel of 0.2% real household disposable income growth and a demographic cliff where deaths finally outnumber births. The era of cheap money and easy capital growth is over. 2026 is about survival, defensive yields, and cash flow. In this week's Macroscope and Deep Dive, we strip away the "realistic optimism" marketing fluff to look at the cold, hard data: Trumponomics & Market Interference: Why the $200bn MBS purchase is a "crisis move" in non-crisis times, and why US yield compression is the only thing saving UK borrowers right now. The "Zombie" Economy: The Resolution Foundation calls it a "mild zombie apocalypse," but with insolvencies at 2011 highs and stagnant wages, the "reallocation" of labour looks a lot like pain for the private sector. Savills' 2026 Outlook: They're predicting a 3% base rate and a return to "normality." I break down why "normality" now means high regulation, zero supply, and why you shouldn't bank on capital growth to bail out a bad yield. The Density Delusion: The Policy Exchange wants "Gentle Density" and mansion blocks. A lovely idea, until it hits the reality of the 18-metre rule and the Building Safety Act. The Takeaway: If your strategy relies on a V-shaped recovery or a return to the low-rate environment of 2021, you are fighting the maths. 2026 is a year for the brave, but only if the numbers stack up on day one. The Next Step: If you want to professionalise your portfolio and stop relying on luck, join the workshop. This is where we do the work the industry ignores. Join here: https://tinyurl.com/pbwnine Challenge: Forward this episode to your broker or investment partner. Ask them if their 2026 projections account for a 0.2% growth in tenant disposable income. If they don't have an answer, you need to talk.

January 9, 202641 min

2026 Predictions: Adam vs. AI, Trump-onomics & The "Real" UK Economy

Is it time to submit to the AI overlords? In this first full supplement of 2026, Adam Lawrence kicks off the year with a unique experiment: he trained an AI on a year's worth of Propynomics content to predict the macro and property landscape for 2026. Does the AI know Adam better than he knows himself? Tune in to hear where they agree - and the critical areas where Adam vehemently disagrees (especially on rents!). We also tackle the return of "Trump-onomics" and the concept of "Net Wars" , alongside a deep dive into the UK's "Inclusive Wealth" accounts - proof that the economy hasn't fully recovered from 2020, even if GDP says otherwise. Plus, we break down the latest Nationwide House Price Index , Chris Watkin's data on why volume - not price - is the new metric of health , and why a "flat" market might be your best buying opportunity this year. In this episode: Trump-onomics: Venezuela, oil prices, and the "Putinization" of US foreign policy. Market Health: Why transaction volume is beating price inflation (feat. data from Chris Watkin). The "Real" Economy: Why ONS Inclusive Wealth data shows we are still burning the furniture to heat the house. Deep Dive (2026 Predictions): Adam vs. The AI. House Prices: Why Adam predicts +1.5% while the consensus says higher. Interest Rates: Why the Base Rate might stick at 3.5%. Rents: The AI predicts a 6.5% surge, but Adam explains why affordability will cap it at 3.5%. Political Outlook: Will Starmer survive 2026? Plus, the looming "concrete vs. countryside" civil war. Links: Join the Property Business Workshop (Jan 22): tinyurl.com/pbwnine

January 1, 20261 hr 4 min

UK Property Market 2026: Trumpomics, Renters' Rights & The Golden Quarter

Are you ready for "The Golden Quarter"? In this episode, we take a deep dive into the critical window of opportunity opening up for property investors between now and May 1st, 2026. Adam Lawrence reviews the economic landscape at the close of 2025 and explains why the upcoming implementation of the Renters' Rights Act is triggering a strategic sell-off among amateur landlords. We break down the macroeconomic factors driving these changes—from the surprising resilience of "Trumpomics" and US GDP growth to the stark reality of the UK's rental market and the "construction crisis" in Scotland . In this episode, you will learn: The "Golden Quarter" Explained: Why the period leading up to the full implementation of the Renters' Rights Act in May 2026 is creating a unique buying window for professional investors . Trumpomics & The Global Economy: How a 4.3% US GDP growth, driven by AI investment and tariffs, is rippling through to the UK economy and tech investment . UK Market Reality Check: A look at the 2025 stats, including 1.7 million listings, rising fall-throughs, and why Real Household Disposable Income (RHDI) is down despite GDP growth . The "Rachel" Case Study: A hypothetical look at why high-earning, "accidental" landlords may be forced to exit the market due to new possession grounds and regulatory fatigue . The 5 Ingredients of the Golden Quarter: Understanding how FUD (Fear, Uncertainty, Doubt), MEES regulations, and regulatory risk are reshaping return expectations . Key Quote: "Be greedy only when others are fearful." — Adam Lawrence (quoting Warren Buffett) on the mindset for professional investors in 2026 . Timestamps: 00:00 – Market Forecast & The 22% Price Surge 02:22 – Trumpomics: US GDP & Trade Wars 11:15 – UK Property Market Review: 2025 Statistics 24:36 – The Scottish Housing Crisis 36:03 – Deep Dive: What is "The Golden Quarter"? 52:40 – The 5 Ingredients Driving the Landlord Exodus Tune in to understand why the amateur exodus might be your professional opportunity. Buy workshop tickets: www.tinyurl.com/pbwnine