At first glance, the Budget looks like another blow to property investors. It is becoming harder and harder to be a viable private landlord in the UK, particularly if you have a holiday home to let.

But the UK ISA provides a silver lining for those wanting the reliable income and leveraged returns that property investments can provide. The UK ISA should make investing in London’s listed real estate investment trusts (Reits) more tax-efficient for retail investors.

These 48 listed landlords and developers have a market value of more than £45bn and invest across industrial, offices, residential, retail, self-storage, student accommodation, and other specialties.

They are also highly liquid and tend to have quality portfolios and manageable debt levels.

Yet these companies are all trading at discounts to their asset values, with share prices poised to recover as interest rates ease.

Real estate makes up a disproportionate component of the UK’s smaller listed companies. Just 1 % of the FTSE 100 – which derives about 80% of its income from overseas – is made up of UK property companies, yet they comprise 9% of the Small Cap index (FTSE All-Share less FTSE 350).

These smaller Reits tend to own and develop local assets, meaning the listed property sector is well-aligned with the aim of onshoring UK retail investor capital.

Never mind becoming a landlord, owning the landlords can be a great option for those that want a liquid bricks and mortar investment.

Marcus Phayre-Mudge is portfolio manager of TR Property (TRY ).

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