英國房地產和股票市場投資的比較
Comparisons Of UK Property And Stock Market Invesments

文摘:一般來說,投資在金融市場以及投資在其他領域有很多種方法。大多數時候金融業員工將使這些投資永恒。在某些方法,金融市場和資產不明確使股東感到困惑,但在其他類型的投資人們應該把大量的資金轉移給專家,因為他們知道如何讓資本有更多的可觀回報。

與投資英國股市相比，投資英國屬性被認為一直不斷地存在更多回報，但從歷史上看,在過去年屬性返回的直接投資一直高于股票市場。有兩種投資方式屬性。第一個是屬性和第二個直接投資是投資于房地產公司的股票。決定投資屬性市場或股票市場的不同的原因將在下面提到。

增加價值的股價和分紅的期望是最重要的原因,投資英國股市被認為是比投資英國房產市場更好的投資。然而,在英國投資屬性可以分為三個時期。在短期內,投資房地產可以通過滿意的收益來償還抵押貸款或維護。在中期內,財產可以覆蓋任何退休收入,從長遠來看,它能夠提供一個可接受的合理的生活水平。根據這些優勢,它不是驚人的,所以很多人都選擇購買英國投資。但金融市場投資的原因屬性:一個可靠的和不斷增長的收入流,抵押貸款償還(攤銷),價值創造(物業改進),即時獲得(廉價收購價格),政府福利(稅收抵免,減稅,租金優惠券,等等),企業戰略管理,價值增加(升值)和通貨膨脹(安德魯·詹姆斯·麥克萊恩,加里·w·艾爾綴德,2005)。

Dissertation part A——作文比例A

ABSTRACT: generally, there are various methods of investment in financial market as well as investment in other segments. Most of the times those investments will be eternalized by finance industry employees. In some methods the financial market and asset are not clear and shareholders are confused, but in other types of investment people should transfer large amount of money to the experts because they know how to make more considerable returns of the capital.

Argument that investment in UK properties has more returns compare to investment in UK stock market, has been existed constantly, but historically, during the past years returns of direct investing in properties have been higher than stock market. There are two investment ways in properties. First one is investing directly in properties and second one is investing in property company shares. The reason of different decision about investment in properties market or stock market will be mentioned below.

Increasing in value of the stock price and dividend expectation are the most important reasons that investment in UK stock market is considered better investment than UK properties market. Whereas, investing in properties in UK can be divided into three period of time. In short term, an investment property can make satisfactory benefit to pay off mortgage or maintenance. In the medium term, the property could cover any retirement income , and in the long term it is able to provide a nice acceptable home in reasonable standard of living.according to these all advantages, it is not amazing that so many people are choosing to purchase a UK investment.But financial reasons of investing in properties market are: a dependable and growing flow of income, mortgage pay off (amortization), value creation (property improvement), instant gain(bargain purchase price), government benefits (tax credits, tax deductions, rent vouchers, etc.), strategic management, value increases (appreciation) and inflation (Andrew James McLean, Gary W. Eldred, 2005).#p#分頁標題#e#

However, according to IPD indices annual total returns to end of 2009, grow of returns of investment in UK properties has not been considerable, but, land price in UK has been increased by almost 92% in the last 20 years. So investment in UK land has proved to be highly rewarding as returns on investment in land have outperformed the returns from stock marke.

Basically, Target of this research is to determine the point of the UK property investments and the UK stock investments as well, illustrate the factors that are used for financial management of both kind of investment options and also analyse the factor in order to identify why the property investment has been known as better returns compare to the stock markets. Therefore, objectives of this research can be classified as below;

Identify the reasons that return on UK property investments is higher than those on UK stock investment?

When UK property investments do make more returns than UK stock investments?

Can stocks investments be better than property investments?

If yes, why, how and when?

What kind of properties investments (commercial or residential) is better investment in stock?

CHAPTER 2——第二部分

LITERATURE REVIEW——文獻綜述

As long as someone decides to invest, different options are available and individuals chose the most appropriate one based on their personal situations. Various factors will have impact on decision making for investment but the considered investment in this research will be investment in UK property or shares investment.

According to (M. ball et al, 1998), basically, financial investment practice or theory is a kind of trade-off between risk and rewards and higher returns need higher risk, also investor will supposed to obtain returns after investing money. Mean variance criterion can be another definition of trade-off. Mean is related to the average returns and variance will give a range of possible returns and is measure of risk

Purpose of investing is the most important objective of balancing investor’s needs and performance of investment. Obviously, requirement of different investors are varied but, purpose can be determined but some essential need or may have latitude enjoy by those whose wants are satisfied. Some investors might be able of precise destination, but mostly there will be high uncertainty. While wide range of investments is available, solving the issues of purpose is easier. whereas, difficulties will appear when full achievement is hardly possible.

Investment in UK properties——在英國投資屬性

Beside of house falling price, investment in property market always has been considered as a secure saving money, because this kind of investment is lower risky than share or bonds. According to low interest rate, many people will be interested to buy property with buy-to-let mortgage and take advantage like making money from rental income and increasing property value. Therefore, this kind of investment can be better in terms of return compare to other kinds of investment. (Mintel, 2006).#p#分頁標題#e#

Securitization has enable real estate investment to be executed through an accepted industry sector of the global stock markets. This has debt (Commercial Mortgage-backed securities, or CMBS) and equity (Real Estate Investment Trust or REIT) formats, both of which grew rapidly in 1990-2007(Andrew Baum-2009)

After providing rational facilities of mortgage pay-off by REIT and also offering desirable features that many of people had been looking for ideal property vehicle and moreover providing performance feature in liquid form, popularity of REIT has been grown and in the 1990’s.consequently, REIT structure was sent to many parts of world and was introduced in UK since 2007.However basically, REIT is a company and in the long term returns of the investment have been just related to the direct property investment and volatility of investment in property company shares has been higher than direct property investing. But, instead has been countable correlated to equity market (Andrew Baum 2009)

According to supply of property shares to grow requires growth in quantity of official property companies. In 2000, market pressure in UK was executing in different way as large discount to net asset value in share price made it more attractive for establishing property companies private and exploit property values in other ownership format whose performance is not related to the stock market. Unexpectedly, critical recovery has been accorded in 2002-2006 same as 2007-2009. (Andrew Baum 2009