Savings back in bricks and mortar says survey

Posted: 24 Oct 2006 11:09:40 GMT

Cash flows in the UK are returning from savings vehicles to the property market as confidence in bricks and mortar returns to pre-2005 levels says new research

Cash flows in the UK are returning from savings vehicles to the property market as confidence in bricks and mortar returns to pre-2005 levels says new research.

Almost a third of adults in the UK are saving less than October 2005 while the number investing in buy-to-let increased 23 per cent in the third quarter said Standard Life.

Most of those still putting their money into savings products said that they were doing so for DIY projects and holidays, with 46 per cent putting money away for retirement.

"The index clearly shows that UK savers prefer to invest in bricks and mortar," said Trevor Matthews of Standard Life.

"It is worrying that overall the savings gap appears to be widening and this issue needs to be addressed by the industry."

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