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Britons disregard crunch to place faith in property
23 June 2008 11:30
Most people still see property as a sound investment, according to a new survey, while many of them are not frightened or do not even believe in the credit crunch.
Just over half of all Britons still think buying a house is a good idea, Zurich's poll revealed, while homeownership was also found to be the main priority for people aged between 45 and 54, as well as for married couples in general.
Yet enthusiasm for buying a home does vary between regions, with nearly three out of five Scots and Londoners seeing it as a sensible acquisition, but only one in two people in Yorkshire and barely over two out of five residents of East Anglia thinking likewise.
Overall willingness to continue spending on property perhaps owes to people's scepticism over the credit crunch, with more than one in three Britons believing they will be unaffected and over one in five that it is merely a media-constructed myth.
However, Zurich's Tony Solomon warned against this sort of complacency, asserting that the crunch is stretching families' budgets to their limits and advising people to seek financial advice and to review their finances accordingly.
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