The December IPF consensus survey forecasted all-property total returns of 7.8% p.a. over 2025-29, more-or-less unchanged from September. Indeed, the total return forecast has been stable for all of 2025. By contrast, thanks to an upward revision in our 10-year gilt forecast, we have revised down our total returns forecast to 7.3% p.a. over 2025-29, not far off the bottom of the 10 forecasters in the survey.
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