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Brits losing faith in property

March 2, 2007 by admin  
Filed under News, News-Mortgages

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Many Brits are losing their faith in the property market as a way of investing.

That is according to the Standard Life Savings & Investment Index which shows that continually rising interest rates are denting people’s confidence.

Since October 2006 confidence in our homes as a savings vehicle has fallen by 19 per cent and Standard Life says that this is down to recent interest rate rises.

In response to the findings, the firm is calling upon all of us to ensure that we do not invest all of our money into a property without sufficient financial backup.

“With interest rate rises having such an immediate impact on investor confidence, I hope that investors will now consider spreading their investments across a wider range of investment categories and vehicles when planning for their financial futures,” said Trevor Matthews, chief executive of Standard Life Assurance.

The index also revealed that over half (51 per cent) of us are saving for a holiday, while retirement, home improvements and buying a car followed.

Tags: rising interest rates, investments, October, savings, market

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