49% of Brits believe that property is the best way to a secure retirement

49% of Brits believe that property is the best way to a secure retirement

The latest research from ONS (Office for National Statistics) has revealed that nearly half of all Brits questioned believe that property will deliver the best return for those saving towards their retirement.

The Wealth and Assets Survey which is conducted by the ONS shows that 49% of respondents have a firm belief that property will help them achieve the best returns over the long term and give them a better chance of security in their retirement.

This is the fifth consecutive year that property has topped the rankings in the annual survey, beating the likes of employers’ pensions, ISAs, stocks and shares, savings accounts and personal pensions.

The latest data from the Land Registry would appear to back-up this sentiment. The data reveals that house prices in the UK continue to rise despite the economic uncertainty surrounding Brexit – up by 0.1% month-on-month in November 2017, representing an overall annual increase of 5.1%.

Feeding into this rise is the ongoing housing supply and demand issues in the UK, the redevelopment of major cities, especially in the north and initiatives such as the Northern Powerhouse, Midlands Engine and HS2 which are having a positive impact on house values.

Commenting on the above findings, David Miles, Professor of Economics at Imperial College and a former member of the Bank of England’s Monetary Policy Committee, said: “ UK house price growth could continue to outpace wage increases for the foreseeable future. Individuals keen to make the most of their capital investments in the coming years could therefore be making all the right moves when channelling their funds into the UK property market.”