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In late 2007 the pressure to sell assets to meet redemption demands and the well documented effects of the credit crunch have seen a marked decrease in activity, particularly in the investment market. Banks' unwillingness to lend will exacerbate the problem in the short term, with only those investors with strong bank relationships able to transact. There still seems to be a gap between vendors' and purchasers' aspirations, that said, this market presents opportunities for "vulture funds" and foreign investment, the Pramerica acquisition of the BP North Sea HQ in Aberdeen being a recent example.

In Scotland, the Scottish Parliament continues to affect legal practice and processes, with new personal insolvency arrangements under the Bankruptcy and Diligence etc (Scotland) Act 2007 coming into force, and the transitional period under the Licensing (Scotland) Act 2005 underway since February 2008.

In England and Wales landlords and tenants consider how to protect their position under the Rating (Empty Properties) Act 2007, which reduced unoccupied premises relief from 1 April 2008. Home Information Packs are now required for all residential properties, with the removal of the energy efficiency exemption on 6 April 2008, and execution of deeds by a company is simplified, with one director with a witness able to sign on the company's behalf.

UK-wide, property owners and occupiers struggle with the requirements for Energy Performance Certificates for both commercial and domestic premises. Already introduced for all properties being sold and for commercial properties being leased in England and Wales, Scotland's slightly different regime will start in December for residential properties, coinciding with the introduction of Home Reports, followed by commercial property requirements in the New Year.

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