UK residential valuation boss at JLL to retire next year after nearly three decades

JLL said Mr Petty has been a “leading figure and highly respected advisor” to the social and affordable housing sector, and has grown “what was an embryonic social housing team in 1996 to the market leader it is today”.

The consultancy also highlighted his work to expand its range of services as the sector “diversified its sources of funding and became more transactional”.

“Loan security remains as the core service for lenders and borrowers, alongside valuations of land and proposed developments, work for leading investors, portfolio transactions and advising developers on Section 106 affordable delivery,” JLL said.

Mr Petty said: “Back in 1996, as a commercial property surveyor, I agreed to give social housing a try for six months to see if I liked it. It turned out I loved it, especially the social purpose of the sector and the openness and collaboration between providers, lenders and other advisors.

“Today, we have a fantastic team of colleagues, many of whom are longstanding, up to 27 years, with several who’ve been with us for more than 20 years. It’s been a pleasure and a great privilege to work with them and many others.

“I know that I will be leaving the business in very safe hands. Over the past five months, Lauren has been involved in everything that I have been doing and is now perfectly placed to take over. 

“I have full confidence Marc [Burns] will take the affordable housing business into its next chapter, combining his focus on tech and data with 20 years of experience in the team, where he is universally respected by colleagues and clients.”

Before training as a surveyor, Mr Petty worked as a management consultant and had completed a year in the army.

Ms Hunt will take over the team of 120 staff, across eight JLL offices, from 1 April. Mr Burns, who was appointed as the new head of affordable in July, will report to Ms Hunt.

Andrew Frost, head of UK capital markets at JLL, said: “Richard became involved in social housing in the early days of professional valuation advice and grew to become one of the leading advisors.”

Ms Hunt said: “Richard’s contribution to affordable housing over the past 30 years has been huge – he and his team have valued the security that underpins tens of billions of debt, that enables housing associations to invest in new and existing homes.

“In addition, he has built and led a very successful residential valuation team at JLL, which I’m honoured to be taking over next year. I know that I’ve got big shoes to fill, but I will have a fantastic team around me, and we are looking forward to continuing to serve our clients and growing the business.”

JLL’s residential valuation team undertakes more than 2,000 valuation instructions every year, and reports values in excess of £100bn annually in social housing.