Charity legacy income rose by almost 10 per cent last year, new figures show.
The latest data from Legacy Foresight, which compiles data from 76 charities that are members of the Legacy Monitor Consortium, which represents more than half of the charity legacy market, shows that members reported combined legacy income of £1.25bn in 2014 – a rise of 9.8 per cent on the previous year.
Legacy Foresight said that a buoyant housing market was the main reason for the rise.
The figures, which are compiled every quarter, show the average residual value across its consortium of members was £58,300 in 2014 – up by 9.2 per cent on the comparable figure for 2013.
Legacy Foresight said that about 87 per cent of the consortium’s income came from residual value, which is the remainder of the estate left after bequests and specific legacies have been distributed and all debts cleared.
Cash gifts also rose by 6.7 per cent to an average of £3,700, excluding unusually large gifts.
Meg Abdy, director of Legacy Foresight, said: "We’ve seen constant year-on-year growth – the reason this income is going up is that house prices are going up. People’s estates account for two-thirds of property or land. The value of residual bequests is reflected in what’s happening in the economy."