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Property viewed as 'less reliable'

Fewer people now think property is the most reliable long-term investment after the mortgage drought and recent price falls, according to research.

The Association of British Insurers (ABI) revealed that the amount of people who think property is the best avenue for their hard earned cash fell by almost a third towards the end of 2010.

Property is now only seen as being the best long-term investment by 34 per cent of respondents, compared to 49 per cent in September and it is the lowest level since the ABI began collecting figures in September 2008.

More people are now putting their faith into savings and investment products, even though housing still remains the most popular place to invest money overall.

Meanwhile the number of people favouring savings accounts increased from 11 per cent to 18 per cent and the popularity of equity investments and ISAs rose from 9 per cent to 14 per cent.

Around 7 per cent of people said they thought the Government-backed National Savings and Investments was the best long-term home for their money while 3 per cent of people said they would opt for wine, art, antiques or other alternative investments.

But 24 per cent of those questioned admitted they did not know what would be the best long-term investment.

Copyright © Press Association 2011

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