What Nick Millican Learned From Trying to Build Affordable Homes

Affordable housing has long been one of the most pressing challenges in the UK property market, particularly in dense and high-value urban areas like London. For Nick Millican, CEO of Greycoat Real Estate, the issue is not simply about building more units—it is about finding a sustainable, realistic way to integrate affordability into a market driven by high land costs, complex regulations, and investor expectations. His experiences attempting to deliver affordable homes have been as instructive as they have been challenging, shaping his views on what it takes to make such projects work.

The Reality of Cost Pressures

Millican’s work in central London has given him a close-up view of the structural pressures that make affordable housing delivery so difficult. Land in prime urban locations commands a premium, construction costs are rising, and planning processes can stretch for years. These realities mean that every square foot must be carefully accounted for, both financially and strategically.

Attempting to deliver affordable housing within these constraints has forced him to look for innovative ways to make projects viable. This has included exploring mixed-use developments, where income from commercial or high-end residential components can help subsidise affordable units, and identifying sites where creative design solutions can maximise usable space without inflating costs.

Balancing Investor Returns and Social Responsibility

One of the central lessons Millican has learned is that building affordable homes requires balancing the commercial imperatives of real estate investment with the social benefits such housing provides. As the head of a business focused on superior risk-adjusted returns, he understands the importance of protecting investor capital. At the same time, he sees the reputational and long-term value of being able to contribute to housing affordability.

This balance is not always easy to strike. Affordable housing often generates lower direct returns than market-rate units, and without the right structure, it can be a hard sell to capital partners. Nick Millican has found that framing affordable housing as part of a broader value proposition—one that includes placemaking, community goodwill, and long-term asset resilience—can help secure support from stakeholders who might otherwise hesitate.

The Importance of Partnership

Millican’s experience has reinforced the idea that delivering affordable homes is rarely achievable in isolation. Successful projects often rely on partnerships with local authorities, housing associations, and community organisations. These partnerships can bring not only financial support, such as grants or favourable land terms, but also insight into the specific needs of future residents.

Working collaboratively has helped him navigate the regulatory requirements tied to affordable housing provision, from eligibility criteria to long-term rent controls. It has also given him a clearer understanding of how affordable units can be integrated into a development in a way that strengthens the community rather than creating divisions between market-rate and subsidised residents.

Design That Preserves Quality

One of Millican’s guiding principles he outlines in this article on BBN Times is that affordable housing should not mean lower quality housing. He believes that design excellence, energy efficiency, and access to amenities should be consistent across all parts of a development. This approach supports social cohesion and reduces the risk of affordable units being stigmatised or neglected over time.

In practice, this has meant working closely with architects to ensure that affordable units meet the same standards as other residences, both in terms of construction quality and visual appeal. It also means designing shared spaces—courtyards, lobbies, and community areas—that bring residents together rather than separating them.

Navigating Policy and Planning

Millican has also learned that policy and planning frameworks can be both an enabler and a barrier. Affordable housing targets and inclusionary zoning requirements can help drive provision, but inflexible rules can also make certain developments unviable. Negotiating these complexities requires persistence and a willingness to engage with policymakers.

His takeaway is that developers need to be proactive in these conversations, not just reactive. By bringing data and case studies to the table, they can help shape policies that encourage rather than inhibit the creation of affordable homes. Millican sees this advocacy as part of the broader responsibility of being a leader in the real estate sector.

A Long-Term Perspective

The affordable housing challenge is not one that can be solved in a single project cycle. Millican’s experience has convinced him that progress comes from sustained effort—testing models, learning from setbacks, and refining approaches over time. Each project adds to the knowledge base, making future developments more efficient and more likely to succeed.

He also recognises that the benefits of affordable housing extend beyond the immediate financial calculus. Developments that include well-designed affordable units can strengthen the fabric of a neighbourhood, improve access to jobs and services, and contribute to a more balanced urban environment. Over the long term, these outcomes can enhance the value of surrounding properties and create more resilient communities, aligning social impact with economic return.

Lessons for the Industry

From his attempts to build affordable homes, Nick Millican has drawn lessons that resonate beyond his own company. Delivering affordability in high-cost markets requires creativity in design, flexibility in financing, and genuine collaboration with local stakeholders. It demands a willingness to think of value in broader terms, weighing social outcomes alongside financial ones.

For Millican, the challenge has underscored the importance of patience and adaptability. Some projects will face setbacks; others will exceed expectations. The key is to keep moving forward, refining the balance between commercial viability and social benefit with each new opportunity.

In the end, what Nick Millican has learned from trying to build affordable homes is that the effort is worth it—not just for the communities served, but for the long-term health and reputation of the business. It is a lesson that blends pragmatism with optimism, rooted in the belief that the built environment should work for everyone who calls it home.

Check out Global Banking and Finance for more profiles and insights from Nick Millican.