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FUND RETURNS ARE AHEAD OF MARKET

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The£93 million local authorities property fund turned in total returns of 4.2% in the year to 31 March 1996, outst...
The £93 million local authorities property fund turned in total returns of 4.2% in the year to 31 March 1996, outstripping the general UK property market but falling well short of equity returns of some 20% over the period.

John Barraclough, chief surveyor, said he now expected to see the market moving ahead since capital values were no longer on the slide.

'There is a floor at least under capital values, and some are inching back up again,' he said.

The flight to quality continued, however, with demand and rental growth restricted to areas in and around London and some other regional cities.

The LAPF return of 4.2% last year compares with a figure of 3.7% produced by the UBS property unit trust index and 2.6% on the Richard Ellis All Property Monthly Index.
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