Andreas Whittam Smith will always be associated with the launch of the Independent and his magisterial opening editorial. This week we launch The Property Chronicle. We don’t have quite the same lofty ambitions as AWS did to change the course of UK political life but we do think that real estate is a unique asset class. It is huge, varied and political. It is also, on the whole, illiquid. That means, unlike with shares or bonds, if you make a wrong decision on asset allocation you cannot press a button and exit. With direct property investments you must get your thinking spot on before you act. The Property Chronicle aims to bring to you some of the best minds in the real estate investment business. The content is not too time-sensitive so the hope is it will give our readers the opportunity to reflect and digest before making those key asset allocation decisions.
We also want to cover the variety of real estate: listed equities, as well as institutional and private equity direct investment. We will bring to you thoughts and opinion on the debt markets, on technology, and on residential investment. We will try to place real estate in its macro political and economic context. We hope that the curious investor will be also be intrigued by our columns covering past economic events, architectural trends, the history and future of private property ownership in China and how farmers round the world deal with their challenges. The Masai herdsmen, the City institutional investor, the private buy to let landlord, the REIT analyst all have one thing in common – they make their living from property and we hope they will all find something to enjoy in The Property Chronicle.
The last few weeks in the UK have been a reminder that no other asset class is as politically charged. Policy on housing and taxation of property is like a needle at the spine of any political economy. Politicians are always aware it is there but, at certain moments when the pressure increases, it can paralyse. Right now, in the wake of the Grenfell tragedy, the perceived discontent of Generation Rent, the dramatic fall in the numbers of owner-occupiers and the corresponding rise in the average age of first time buyers, the needle is digging deep into the UK body politic. The Property Chronicle will take its part in that debate and looks forward to publishing some policy suggestions in coming months.
