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Omg: Bbc Covers Sipps & Property... Evenhandedly!

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News24 finally covered A-Day and in particular SIPPS.

I could have fallen off my seat when the new financial markets presenter said to Christine Ross (head of financial planning at SG Hambros and longtime BBC interview IFA of choice), and I quote:

"A lot of people think property is a one way bet but presumably this poses risks?"

I almost welled up: a financial journalist who understands contrarian investment!!!!!!!!!!!

Then Christine Ross, begins to trot out a few cautionary notes for those thinking of going for it.

"If you think you are good at judging house prices..... you will hav eto pay fees as a benefit in kind for holiday lets... on buy to let you will need sufficient extra funds in the SIPP to pay any borrowing when voids occur .... the market could fall (!!!!) ... it is likely with the price of houses that only those with larger pots will be able to afford this and even then they will be concentrarting their investments in one property, so not a very well spread risk profile."


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I didn't really want to post this in the Sipps Myth De-bunked thread but I found myself (through no fault of my own) in conversation with a mortgage broker (from Surrey) recently who said he thought it was pretty much all hype and that very few people had shown interest to him... except a few very wealthy people who he thought it made sense for.

He also said (I don't know if this is true) that Standard Life has agreed to accpet BTLs into its Sipps but has already stipulated it will ONLY accept property that has its building insurance with one of six selected companies. Any other property would need to change its building insurance away from its existing insurer to qualify.

He suggested this could just be the tip of the iceberg on future demands related to Sipps - since the Sipp-provider might want to cover itself in many other ways (such as insisting any work on a property is done via one of its approved workmen etc).

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The poor sipp investor will be nickeled and dimed to death. I can see more than one individual in the City rubbing his hands with glee at this prospect.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?

      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%

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