Adjusted for CPI inflation, IUKP (ETF representing the UK property sector) seems as cheap as it's been in almost two decades?

There was a slightly better week during TariffMania '25, and also October 2025, but I believe the only other lower period is during the GFC, April 2009, which was about 10% cheaper (after inflation).

If you prefer RPI inflation, today's IUKP price seems almost equal to the very lowest RPI-adjusted weekly low of April 2009. (199.5p -> 387p vs 400p today)

If you're measuring with US dollars, and RPI adjusted, I think this week is cheaper than the 2009 low.

I'm estimating from a Yahoo finance graph here, you may want to check it yourself if you care about the fine details or are considering investing.

Anyway, as of today I am now fully invested in UK REITs, I sold off my last chunk of non-REIT ETF and flipped it.

Unfortunately, I expect REITs in general may get cheaper still! For example if gilt yields move up above 5%, to say, 5.5%.

REITs can experience a triple whammy effect whereby their tenants struggle with higher interest costs, as does the REIT itself, and on top of that, rental yields/NAV are marked down relative to gilts.

It is possible to bypass some parts of the triple whammy by thinking carefully. For example, a REIT with very low debt or long-term fixed debt, is in a better place than one forced to renew today.

A REIT with (reliable, solvent) customers locked into 20 year contracts may be in a better place today than a REIT which must find new customers every 8 weeks.

Though it depends on the inflation pass-through of the contract, and the extent to which the economic structure of the business is already reflected in the price.

As for the war and oil and inflation and rates, well, TACO Trump is famous for chickening out on a whim. And the markets now often suffer amnesia, and get over their worries surprisingly fast.

Still, at some point you might as well just go all in and get on with other things in life, and this is good enough for me. When life gives you cheap REITs, make REIT-ade.

From here on, I'll be focusing on rebalancing as interesting opportunities arise.

TRS