Property is no longer suitable for long term savings

Story link: Property is no longer suitable for long term savings

With news releases suggesting that 100’s of people every week are loosing value on property, which they originally purchased as a method of long term saving, it is clear why many are steering clear, especially in the current climate.
At the moment, the best option is the likes of Cash ISA’s, although this year should represent a great year to get back on the ladder.

Property is no longer suitable for long term savings

According to Gordon Greig, head of savings and investments at Scottish Widows, there has been a decline in the number of people using property for their long-term savings, a move which he supports given the recent decline in the property market and house prices.
In the last 12 months, 8 per cent of people said they were using property for their long-term savings, compared with 38 per cent the year before. This is according to the findings of Scottish Widows savings and investment report 2009.