The number of off-plan sales has been slipping since 2016, driven down by fewer investors and limited price growth. Smaller houses are now more likely to be sold off-plan than flats.

Landlords haven't been immune from inflation. Between the 2020/21 and 2022/23 tax years, private landlord expenses rose by 19% (or £3.7bn) to £22.9bn. This means that costs accounted for 48% of total income, up from 45% in 2020/21.

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While for sitting tenants, contract renewal increases in London are still running hot at 7.5% annually, with landlords looking to push rents closer to higher market rates.