A record £22.5bn was invested in UK Living in 2025, with healthcare contributing more than half of the total as it ended the year with several £1bn+ M&A deals. Excluding healthcare, investment was flat at £9.8bn and 10% up from the trough in 2023 (£8.9bn). Single family investment overtook multifamily in 2025 with £2.6bn invested, accounting for over half of all build-to-rent investment last year.
Looking ahead, JLL expects economic conditions to improve throughout 2026 without ruling out the risk of disruption from geopolitical events. We expect this to result in a moderate increase in deal volume overall (excluding in healthcare, which saw exceptional levels of investment in 2025), but this will depend on how long it takes for improving conditions to translate to completed transactions.
