According to research by Prudential, property now accounts for 55 per cent of people’s wealth in the United Kingdom and this is predicted to rise to 60 per cent by 2009. Taking the property of the house and deducting any outstanding mortgage calculated people’s wealth.
People in London were found to have around £169,000 in property wealth. However, people living the north east, north west and Scotland were found to hold the smallest amount of property wealth. The research also found that men tend to save more, however, women are slowly catching them up.
Our view
Having 60 per cent of your wealth in one asset class i.e. property is, we believe, quite dangerous. Jo Roberts, director of commented that her female clients generally have more non-property savings then her male clients. Men are happier to put their money into property and more pension enquiries come from women.