-Investment was lower than expected in Q3 2021 at £2bn. Of this £344m was build-to-rent (BtR) and £246m student

-The subdued level of activity partly reflected the continued travel restrictions and wider market conditions, such as construction costs inflation, which has been hindering BtR forward funding deals

-However, there are significant deals in the pipeline which suggest residential investment in 2021 could at least equal 2020 levels

-Yields are stable or trending downward. The weight of capital in the market and competitive bidding is putting downward pressure on yields

-Despite the lower-than-expected investment so far this year, demand for residential remains very strong. We expect to see a 25% uplift in residential investment in 2022. Our forecasts also suggest that residential total returns will average 7.3% per year over the next five years, the highest across all asset classes