Before we get to UK property owners failing to comply with new energy rules could face prison (it has to start somewhere). Let's talk about the canary in the mortgage market because it all ties together.
Our opinion on real estate in leveraged (that is, Western) markets has for at least five years now been one of selling or standing on the sidelines.
Nothing we are looking at now changes this baseline view. It isn’t so much about real estate as much as it is about interest rate cycles and credit cycles, to which real estate is closely tied.