Encouraging forecast for resilient UK legacy market
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Remember A Charity welcome findings of Legacy Foresight’s latest forecast for the UK legacy market.
Having reached a record £3.85bn in 2022, the Legacy Market Outlook 2023-2027 predicts that the average UK legacy income from charitable bequests will remain stable at around £3.9bn for the next few years, before returning to growth.
Despite the tough economic climate, and therefore a likely short-term reduction in the average value of residual gifts, the long-term upwards trend in the number of legacy gifts coupled with an increase in HMCTS staffing are predicted to stabilise legacy income. It is anticipated that the number of legacy gifts will grow to around 145,000 per year over the next five years.
Legacy Foresight Economist, Jon Franklin, says:
“Despite the economic headwinds, it is unlikely that legacy income will fall dramatically in coming years. The long-term upward trend in the number of deaths will lead to increases in the number of gifts which will largely offset the impact of anticipated falls in house prices.”
Commenting on the findings, Lucinda Frostick, Director of Remember A Charity, says:
“This forecast conveys the resilience of the legacy market, providing stability for charities and significant income even in the toughest of times.
“Appetite for legacy giving remains high and, even for those who are tightening their purse strings, it’s proving to be an increasingly attractive option to make a sizeable impact without immediate financial outlay.”