A new survey on attitudes regarding saving for retirement from the Office for National Statistics reveals that 49% of the population thinks that investing in property is the best way to save the most money for retirement, despite the property market squeeze. Although the government continues to deter UK citizens from investing in property to save for retirement by curbing tax relief, popularity for property investment has continued to grow since 2000 - this is exemplified by the rise of buy-to-let mortgages over the last 18 years. In 2000, buy to let mortgages made up 1.7% of all mortgages. Since 2016, buy to let mortgages make up 17.3% of all mortgages. Although the percentage of buy to let mortgages have remained the same since 2016, its constance indicates the UK’s steadfast preference towards property. Even though Brexit induced economic uncertainty and low property supply has stalled the property market, the survey shows that popularity in property as the best way to save for retirement has consistently grown, increasing by 9% in 5 years.
With its popularity continuing to grow, investing in property as the best way to save the most money for retirement looks as though it is here to stay. With only 22% of people preferring traditional pension schemes as the best way to save for retirement, property will remain the dominant route to a comfortable post-career life.