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Charities may see their legacy income drop by up to 15 per cent this year, according to latest research from sector analyst Legacy Foresight.
The organisation has, however, revised its five-year projection for legacies and now believes legacy income will decline by less than it originally predicted as a result of the pandemic.
Jon Franklin, economist at Legacy Foresight, said: “Our scenarios suggest that legacy income could fall by between 1 per cent and 15 per cent this year, reflecting the worsening economic environment and potential delays in the sale of property assets caused by a slow-moving market.”
In the long term, legacy income is still expected to increase, from £3.4 billion in 2019 to £3.5-£3.9 billion in 2024. UK charities could also receive between 5,000 and 11,000 more bequests over the next five years because of the additional deaths caused by Covid-19.
Mr Franklin added: “As delays unwind and income starts to flow from the anticipated increase in bequests, it is likely that income could rise quite rapidly in 2021 and 2022.”
Between April and June Legacy Foresight’s consortium of 82 charities received 9,000 notifications less than pre-pandemic forecasts, the Civil Society website reports. The analyst also expects the economic downturn to cause a fall in house prices, which it predicts will lead to a drop in the average value of residual bequests of between 3 per cent and 5 per cent.