2026 Real Estate Outlook – UK & Iberia
A 404 Capital outlook report on real estate in the UK and Iberia. Where the cycle sits, what is changing, and what we are watching into 2026.
404 Capital ("404") is a real estate investment management platform investing across value-add and opportunistic situations across both equity and credit in Western Europe.
A 404 Capital outlook report on real estate in the UK and Iberia. Where the cycle sits, what is changing, and what we are watching into 2026.
Executive Summary There has been a lot of negative publicity about the UK’s Autumn Budget announced on 26 November 2025. However, it’s important to strip out the noise and focus on the key changes and their impact on the UK property market and real estate investment landscape. Having