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Pensions plea to help homes
A GROUP of leading Edinburgh solicitors has urged the Government to help boost the under-pressure property market by reviving its plans to allow pension funds to buy houses.
The ELPG group believes the Government should lift the ban on holders of Self Invested Personal Pensions (SIPPs) being able to invest in residential property.
They are currently only able to invest in commercial properties.
In 2005, the Government drafted legislation which would extend the scope of SIPP investments to include residential properties but made a U-turn the following year.
Steve Spence, ELPG member and senior partner of Neilsons said: "The Scottish property market held up well during the early part of the year but there has been a major slowdown in recent times."
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Saturday 26 May 2012
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