Rory Sutherland: Breaking the Property Market Delusion
Disruptors
Rob Moore
4.8 • 1.4K Ratings
🗓️ 9 December 2024
⏱️ 55 minutes
🧾️ Download transcript
Summary
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Rob is joined by advertising maverick Rory Sutherland for a conversation that will make you question everything you thought you knew about property, work, and modern living. Through brilliant analogies, Rory unveils why we're all pouring our wealth into "utterly tedious" houses instead of enjoying life's innovations. From his radical takes on office culture to his fascinating insights on how video calls have changed business forever, this episode is packed with "aha" moments that will stick with you long after listening. Whether you're a property owner, thinking about remote work, or just love fresh perspectives on modern life, this conversation will have you looking at the world differently.
Rory Sutherland REVEALS:
- Who is really to blame for the property crisis
- How the internet has democratised consumption
- Why office culture needs reimagining in all ways
- The reality that all companies need to adapt to or risk losing top talent
- How the UK housing market could be transformed and innovated
- Why big cities are less relevant than ever
BEST MOMENTS
"The point of capitalism, right? Capitalism is nothing to do with efficiency. Forget that. That's a distraction. Praising capitalism because it's efficient is like praising Bob Dylan because he's got a beautiful singing voice."
"Any meeting without tea and biscuits is just faintly unnatural... we've got to leave some space for anthropology here, not just economics."
"The actual buildings are utterly tedious and awful for the most part. And all the money is actually in the land... It's kind of bothersome to me because so much of what should be a productive discretionary market economy is actually being sequestered in this utterly uninteresting form of wealth preservation."
"Nobody minded buying CDs when the only way you could listen to music was on a CD... When the record companies started to say, 'No, I know you can download music from the internet in five minutes, but you still have to buy it on CD to protect our legal rights.' Okay, that's when people revolt."
"We've spent trillions on this stuff, we've created billionaires, we've created bankruptcies... If all this turmoil created by technology doesn't manifest itself in basically a general improvement to people's lived existence... what the hell is the point?"
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ABOUT THE HOST
Rob Moore is an author of 9 business books, 5 UK bestsellers, holds 3 world records for public speaking, entrepreneur, property investor, and property educator. Author of the global bestseller “Life Leverage” Host of UK’s No.1 business podcast “The Disruptive Entrepreneur”
“If you don't risk anything, you risk everything”
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Transcript
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| 0:00.0 | I'm going to share a really weird thought experiment with you, which is part of the reason |
| 0:07.0 | we have a property crisis is we don't have enough supply. We'll park that for a second. Part of |
| 0:13.0 | it is low interest rates. Part of it is that effectively when mortgage companies basically set a norm that you can borrow, let's say, three and a half, four and a half times joint income. |
| 0:25.8 | Okay. |
| 0:27.6 | They thought they were creating a limit and they actually created a target. |
| 0:31.3 | So most people buy property in a way that nobody buys almost anything else they buy, which is they go, how much can we afford, |
| 0:39.1 | and then they start looking for properties around the maximum level. |
| 0:42.2 | Now, we don't do that with cars, okay? |
| 0:44.6 | If we do that with cars, if I went into a car dealership and said, well, I've got a 40,000 |
| 0:47.8 | deposit, and I reckon I can probably borrow another 200 and something, you know, we'd |
| 0:52.5 | all be driving around in a Bugatti Veron. |
| 0:54.0 | But because we framed |
| 0:56.0 | property as an investment, every single person who enters the property market does so with the |
| 1:01.0 | intention of maxing out. I'm an anomaly there. I actually went low. I bought apartments outside. |
| 1:07.0 | I live in an apartment outside London. It's in a grade one building, which was cheap. |
| 1:12.5 | It was less than I could afford. And I deliberately and consciously tried to do that. |
| 1:17.8 | But nearly everybody basically goes, what's the most I can afford? |
| 1:21.2 | This is driven by the banks. That's what I'm going to buy. Well, it's certainly very |
| 1:24.1 | convenient for the banks. Of course it is. Yeah. But this very convenient. |
| 1:26.8 | Because they're lending us all the money. Of course it is. Yeah. That didn't happen in the 70s because you didn't know how much you could borrow and you were nervous. |
| 1:31.3 | And people asked the question, what sort of house do I need before they ask the question, how much can I afford to spend? |
| 1:38.3 | Right. |
... |
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