Well, that was another intensely strange year for real estate investors. Most notably – and staggeringly – residential property values have continued their ascent. The average UK house price rose 8.2 per cent to £272,992 in the 12 months to November, according to Halifax. Track back to the first lockdown in March 2020 and average values have climbed £1,691 a month – just shy of the average worker’s take-home pay. To the homeowners, the spoils.

Listed commercial property has also performed strongly, tracking the broader risk-on sentiment across equity markets and confounding many of the doubts of a year ago.