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 dire...
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