JLL’s Richard Petty announces retirement

JLL’s Richard Petty has announced his retirement after four decades working in the UK property sector and 29 years leading the consultancy’s affordable housing business.

Upon Richard’s retirement on 31 March 2026, Lauren Hunt – currently deputy head of the UK Residential Valuation business – will lead the team of 120 colleagues located across eight JLL offices. Marc Burns, who was announced as head of UK affordable housing in July 2025, the largest of the valuation businesses, will report into Lauren.

Richard has been a leading figure and highly respected advisor to the social and affordable housing sector for the last three decades, growing what was an embryonic social housing team in 1996 to the market leader it is today.

For the last 12 years, Richard has held a dual role as Head of UK Residential Valuation, with affordable housing forming the largest part of the business, alongside national teams in development valuation and build to rent (BTR), and residential valuation and strategic advisory. The business has regional teams in Exeter, Bristol, Birmingham, Nottingham, Manchester and Leeds, with an affordable housing team covering Scotland and Northern Ireland based in Edinburgh. JLL plans to expand its regional coverage in affordable housing in 2026.

The team undertakes more than 2,000 valuation instructions every year, and in social housing alone, reports values well in excess of £100bn annually. Valuations range from small affordable housing sites to ‘super prime’ London homes. Clients range from lenders and investors to housing associations, developers, local authorities and central government.

Richard 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 advisers. 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 last 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 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.”

Richard began his career in commercial property in 1989, when he trained and qualified as a surveyor at Drivers Jonas following a year in the army and a stint in management consultancy. He worked on major projects including British Airways’ new corporate headquarters at Heathrow, Crossrail (now the Elizabeth Line) and the acquisition of Bankside power station, to become Tate Modern.

In 1996, he took over the social housing team at Drivers Jonas, with two colleagues and a valuation business founded on the original wave of large scale voluntary transfers (LSVTs), which saw council housing acquired by housing associations, backed by private finance. In 2010, the business moved from Drivers Jonas Deloitte to King Sturge, which then merged with Jones Lang LaSalle – now known as JLL – a year later.

Richard has expanded JLL’s range of services over the years as the sector has diversified its sources of funding and become 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 s.106 affordable delivery.

He has also been responsible for graduate and apprentice recruitment and development across JLL’s residential business – nurturing the talent of young people who want to join the profession, and facilitating the start of their careers.

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. He has been a generous mentor and counsel to many, both colleagues and clients alike, and we are enormously grateful to him for setting up such a strong succession. I am looking forward to seeing Lauren and Marc similarly thrive in their new roles.”

Lauren Hunt, Deputy Head of UK Residential Valuation, said: “Richard’s contribution to affordable housing over the last 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.”

Outside JLL, Richard has held a string of non-executive roles, including 12 years on the board of Richmond Housing Partnership, his local stock transfer; Dolphin Living; and Anchor, which became Anchor Hanover Group, where he also served as vice-chair. He is currently on the board at Watford Community Housing Trust and a board observer at The Riverside Group, and involved with various sector bodies, including the British Property Federation’s Affordable Housing Committee, the National Housing Federation’s Property Finance Working Group (PFWG), and CIPFA's Housing Finance Manual board.

Richard said he fully intends to remain involved in the social housing sector through his board roles at Watford Community and Riverside.