Post-referendum, the key word is ‘uncertainty’ and uncertainty can be seen as the enemy of investment. We expect no overall clarity about economic, fiscal and regulatory matters until the Autumn Statement, although we may see some signposts with the appointment of a new Prime Minister. Income is king. Core and annuity assets are less at risk and deals are progressing in some sectors. Secondary assets, by risk profile, are impacted. Sales from UK property funds have already been announced and initial valuation evidence is expected to crystallise shortly. The UK real estate market has embarked on a new journey, with the direction still unclear. Colliers will report on this journey as policy and sentiment adjust to a new norm. View full report.