As evidenced by the recent spate of transactions, and numerous conversations at UKREIIF, the institutional investor base spanning sovereign wealth, pensions and family offices piling into the sector tells its own story.

But investment here is not a substitute for a functioning for-sale market, which has typically been the bedrock of stability for UK communities and families.

And crucially, solving the housing challenge isn’t just about new supply, be it BTR or for sale. It’s about making better use of what already exists – improving mobility and ensuring homes are lived in. In a constrained market, the fastest gains often come from the homes we already have.

Stamp duty is a central part of that equation. Successive changes have increased acquisition costs for all, from higher surcharges on additional homes to lower nil-rate thresholds, directly affecting deal volumes and market liquidity.

Property traders such as Spring, which provide vital liquidity to the market by offering a specialist service, are also hit by higher rates even though we do not hold on to properties as investments. Our recent analysis with Volterra shows that removal of higher rates for traders could stimulate around 168,000 additional transactions per year.

Reduce friction and you increase mobility – more moves, more occupied homes, including people in the right-sized homes.

None of this diminishes the importance of institutional investment in new rental housing.

But if the UK is serious about tackling its housing challenge in the round, it cannot afford to neglect the new and existing for-sale market. Encouraging long-term investment on the rental side must be matched by a stable policy and tax environment that supports transactions and confidence across all tenures.

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