Despite some of the toughest market conditions seen for years, the second annual Resi conference, Resi 08, attracted nearly 20 property journalists and over 800 delegates from across the sector including developers, lenders, architects, consultants, landlords, agents and investors.

Superbly timed in the midst of one of the most tumultuous weeks in recent history, the conference featured a fantastic line-up of speakers who debated a variety of issues currently surrounding the residential property market including:

Sir Bob Kerslake, chief executive designate of the Homes and Communities Agency, who admitted to being excited, apprehensive and over-awed at the prospect of the opening of the agency on 1st December.

Roger Bootle of Capital Economics, who predicted that in the next 12 months, commodity prices would plummet, house prices would continue to fall by another 25-30%, unemployment would rise and inflation would reach at least 5%. Bootle saw the fact that house prices were falling at their fastest rate since the Great Depression as a good thing as it will allow the industry to reach the bottom sooner and speed recovery, which he expects to happen in spring 2010.

Tony Pidgley of Berkeley Group, who admitted that although his company’s balance sheet was looking pretty healthy, he had witnessed a drop-off in sales volumes and predicted that house prices were set to fall by at least another 20%. He surmised that downturns remind us that markets are cyclical and that people in the industry need to go ‘back to basics’ and apply common sense to the running of their businesses.

In addition to the informative presentations and lively debates, delegates also enjoyed a number of networking events and feedback for the conference in general was very positive:

Sir Bob Kerslake, chief executive designate, Homes and Communities Agency:
“We’re in tough times in this credit crunch but we should also see the longer game and the opportunities that are there”.

Nick Candy, director, Candy & Candy:
[The market] has slowed down…but I believe both in the short term and the long term that demand will be there”.

Roger Southam, chairman, Chainbow: “Last year gave a good solid base to build on, and in terms of timing and opportunity, [Resi 08] has just hit the market at the most extraordinary time…even Walt Disney couldn’t put on a rollercoaster like we’re going through at the moment!”

Stephen Shelley, head of commercial banking credit, Barclays Commercial Bank: “People shouldn’t panic or get particularly nervous about it, we’ve seen the government intervene where it’s appropriate and there are an awful lot of banks out there that are still extremely well funded”.