“We also saw in August 2022 the Register of Overseas Entities newly require overseas entities owning UK property to declare who their beneficial owners are, which included non-UK companies. This move indicated to the wider market a tighter grip on compliance by the government. Whilst reducing anonymity has to be a good thing, it may have in turn deterred some investors. This, combined with rising interest rates, higher borrowing costs, falling yields and slow capital growth, has likely made speculative investment less rewarding.”