Britons see property as safer than cash


Fri 19th Oct, 14:39:51 BST

British consumers generally see investing in property as a safer bet in the long-term that saving with a bank or building society, a new study reveals.

Research by the BBC discovered that more than half (53 per cent) of respondents believe that owning property is safer than keeping money in cash following the recent crisis at high street bank Northern Rock.

The study, conducted for the television series The Truth About Property, shows that Britons remain confident in the housing market, despite recent indications that property prices in the UK have slowed over the past few months.

Investment professionals largely believe that cash is a safer place to store money than property, as long as banks remain solvent, and the BBC report indicates that government attempts to reassure the public following the rush on Northern Rock last month have not been entirely successful.

Northern Rock experienced the first run on a British bank for almost 150 years after it was forced to secure an emergency loan from the Bank of England as a result of problems experienced because of the international ''credit crunch''.

A recent survey of 2,000 adults by GfK NOP for the quarterly UK Financial Activity Bulletin found that around two million financial customers have been lost over the past year, threatening many jobs in the retail financial services industry.ADNFCR-1143-ID-18323956-ADNFCR


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