I think substantive improvements in the market will coincide with decreases in the base interest rate since the UK is a highly leveraged economy and investment/borrowing is where much of the development budgets originate, especially in the London start-up/scale-up and mid-market companies.

Meanwhile, inflation is smashing profit by increasing the cost of the factors of production. So reinvestment of profit lead development has also significantly decreased. This will be alleviated with a decrease of the inflation rate toward target, which will most likely occur sooner than the interest rates fall, since the former presently drives the latter.