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Britons property obsession 'is over'

Friday 6th June 2008

Britons' love affair with property is over with consumers now set to return to savings as they look to secure their financial future, an independent financial adviser has claimed.

New data from the Building Societies' Association showed that a record sum of £1.8 million was deposited in cash individual savings accounts (ISAs) during April.

According to Donna Bradshaw, an IFA and financial planning strategist, this is a symptom of the trend away from property investing as consumers react to the slowdown in the housing market and tighter constraints on their finances.

She said: "We've had an obsession with property for some time because money has been very cheap, and I think people have become used to spending a lot and using their house as a high street bank.

"I think we're going to see a shift back to saving. It tends to happen after you get a bit of a spending glut, and we may see a turn around back to saving again."

© Copyright 2007

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