The dragon, the noise …and what actually matters!
Posted on 6th May 2026 by Adam Mackrell
Last week on the 23rd April we marked St Georges day here in the UK.
It struck me sitting here that we celebrate a patron saint famous for slaying a dragon… something that of course doesn’t exist?
Which is when you think about it – slightly odd.
Even more interesting is the fact that St George wasn’t always the man. Before the 100 years war with France (116 years to be precise), Englands patron saint was Edward the Confessor, who was a far more contemplative figure. Prayer, reflection…Stillness.
Then came pressure, conflict and uncertainty. And we swapped him out for a warrior and that alone reminds me of something about human nature.
When things feel unstable, we tend to reach out for something stronger, something decisive, something that looks like action! But here is the part that stays with me. Maybe the Dragon was never the point? Maybe it is not even about fighting something external at all? Maybe St George is about facing something that is very, very real. Fear, Uncertainty, Noise, the temptation to follow the crowd when it’s easier.
The dragons we talk about are often imagined but the reactions to them are not. And that is where the decisions are made… Good or Bad!
It reminded as well last week that on the 21st of April we would of marked the 100th birthday of the late Queen Elizabeth II. In his reflection on this day – her son and our King Charles II spoke about her core beliefs and that the real work is on ourselves. Quietly, consistently. Becoming better and more grounded over time.
No Drama, No Dragons. Just discipline. And in our experience and in many ways that is far closer to what actually works.
So what does this have to do with property?
Quite a lot…Because markets are full of dragons. Headlines, predictions, Political shifts, tax changes, rate movements and endless noise about what might happen next.
Most of it feels urgent and very little of it is permanent. We see it every cycle.
Short term fear > Creates Hesitation
Hesitation > reduces activity
Reduced activity > Creates opportunity
And all the while the fundamentals carry on doing what they’ve always done.
Land remains scarce
People still need somewhere to live
Income continues to anchor returns
So for us the reality is this: The biggest risk in the market is not the dragon that everyone is pointing at. It’s reacting to it.
Our Market view:
We’re seeing a familiar pattern. A slight cooling down following the stamp duty deadline pull forward. Activity surged and then softened. Broadly expected.
But Underneath that:
Employment remains strong
Wage growth continues to outpace inflation
Borrowing costs have stabilised
Rental demand remains structurally high
In short the surface is moving but the foundations are not!
Regionally the North continues to show some strength, driven by affordability and yield. While the south is seeing more stock come to market in turn giving buyers more breathing time.
For us it’s business as usual!
No headline chasing
Little reaction to noise
We’re doing what we’ve always done and that’s focused on our blue print, some of which are structurally strong locations, long term income and assets that will still make sense long after the dragon has run out of fire…
OSG’s Vista
Calm Wins
Noise shouts but fundamentals whisper.
Scarcity holds.
Land doesn’t multiply.
Income stabilises.
Quiet engine is yield.
Perspective compounds.
Those who step back tend to step ahead.
Warm regards,
Adam Mackrell
Oxford Spires Group
Data referenced from:
Office for National Statistics (ONS)