Allowing SIPP investment in residential property could boost the flagging housing market and prevent a recession, a financial adviser says.
Bankfield Financial Advisers, based in Leicester, has written to Prime Minister Gordon Brown arguing new legislation allowing protected rights in SIPPs could be the saviour of the struggling mortgage industry. It argues the legislation will free up additional funds which could be invested in residential property providing it with “immediate stabilisation”. Currently SIPPs are able to invest in commercial property and Bankfield says they should also be able to purchase residential property for a period of five years, after which a review should be made. Naren Naik, Bankfield managing d...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
