PUTTING faith in property is reaping rewards for East Hampshire District Council.

With interest rates at a record low and cash investments offering a poor return it decided to invest in bricks and mortar.

Since announcing the strategy in 2013, EHDC has seen its property portfolio recoup hundreds of thousands of pounds more than the equivalent investments in savings accounts, which supports the council’s plans to keep council tax low.

The council has now bought five properties in and around Petersfield, which generate around £759,000 in rent every year, about £650,000 more than could be gained through interest on cash savings.

EHDC’s Deputy Leader, Cllr Richard Millard, said: “These days, property investment brings better returns than cash and it’s clear our strategy to focus on high-quality, commercially attractive properties is paying off.”