The Press Association: Property investment 'in decline': "House price falls and the mortgage drought have led to a steep drop in the number of people who think property is the most reliable long-term investment, research has indicated.
The proportion of people who think bricks and mortar is the best home for their cash fell by nearly a third during the final quarter of 2010, according to the Association of British Insurers (ABI).
Only 34% of people now rate property as the best long-term investment, down from 49% in September and the lowest level since the ABI first began collecting the figures in September 2008.
People are increasingly putting their faith in savings and investment products, although property still remains the most popular place to invest money overall.
The number of people who favoured savings accounts rose from 11% to 18% during the period, while the popularity of equity investments and Isas increased from 9% to 14%.
Around 7% of people said they thought the Government-backed National Savings and Investments was the best long-term home for their money while 3% of people said they would opt for wine, art, antiques or other alternative investments. But 24% of those questioned admitted they did not know what would be the best long-term investment."
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