Safe as houses? – The Property Chronicle
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Safe as houses?

The Fund Manager

Over almost 30 years UK house price gains have outperformed the best of British businesses. What next?

Index performance rebased to 100 in January 1990 %

What’s your biggest financial asset? For most Britons, it’s their home.

2.5 million Britons have doubled down on property and become buy-to-let landlords. Property is a national pastime, as 900 episodes of Homes Under the Hammer testify.

In recent decades – it’s been a great investment. In fact, UK residential property has outperformed UK equities since 1990.

House prices have risen about 4% per annum for 30 years and investors received another 5% or so in rental yield/implied rent. 9-10% total return is very nice indeed. In London the returns have been far greater. But will the future resemble the past?






The Fund Manager

About Duncan MacInnes

Duncan MacInnes

Duncan joined Ruffer in 2012. He graduated from Glasgow University School of Law in 2007 and spent four years working at Barclays Wealth and Barclays Capital in Glasgow, London and Singapore. Duncan is a CFA charterholder. He is co–manager of Ruffer Investment Company.

Articles by Duncan MacInnes

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