I would like to say it seems like yesterday, but for those directly impacted, that day and its implications will be forever etched in their memory as a very painful experience. I am referring to the collapse of Lehman Brothers ten years ago and its aftermath, as the anniversary coincides with the upcoming Property Investor Show at Excel. In the autumn of 2008 I sat in on a panel debate at the show feeling a bit like ‘a helpless rabbit in the headlights’ trying to make some sense of what was going on and how it might subsequently impact property investment in the UK.
In the last ten years we have seen ups and downs in the UK’s economic performance and three Prime Ministers at 10 Downing Street. Some are comparing Mrs May’s current predicament over Brexit with that experienced by Gordon Brown as the Great Financial Crash unfolded in 2008.
The subsequent political decisions made by Brown, Darling, Cameron and Osborne led to a recovery as unemployment dropped and property values gradually rebounded across parts of the UK.
What has been your core investing strategy in the last ten years and has it changed? This month’s interview on page 24 with Miles Pickard focuses on an individual and his family’s property company and their core investing strategy which is to buy and hold for the long term.