The changes to the REIT regime contained in Finance Bill 2012 will relax the requirements for companies joining the regime and ongoing compliance. They should provide a welcome boost to the UK property market, with the abolition of the entry charge being likely to encourage the launch of start-up REITs and the conversion of existing property companies. However, further changes may be required if the regime is to have the same success as in the US. In particular, the practical barriers to residential REITs need to be removed and the ability for mortgage REITs to be launched needs to be considered.