Advisers have seen a 30% fall in requests for mortgage advice during the final quarter of 2007, according to Unbiased.co.uk.
However, offshore investment and expatriate services became increasingly popular at the end of 2007, as did ethical investment.
Figures from Unbiased.co.uk’s ‘find an IFA’ service, saw a 30% drop in customers seeking mortgage advice in the last three months of 2007 compared with the same period in 2006.
Unbiased.co.uk says the fall in mortgage requests is due to the fallout of the credit crunch, coupled with worries about the UK economy.
Changing consumer needs and attitudes have also led to growing popularity of expatriate services, ethical investments and offshore investments, which have grown by 29%, 10% and 18% respectively.
David Elms, chief executive of Unbiased.co.uk, says: "Although mortgage applications are down and hence demand for advice on mortgages is also dropping, demand for good independent financial advice on offshore and ethical investment products is rising and the advice sector is meeting that demand.
"Consumer needs are constantly changing and whole-of-market IFAs are the best-positioned of all advice types to serve these needs.”
The most popular type of financial advice was retirement planning, making up 26% of all requests, closely followed by investments and savings, which made up 20% of queries on Unbiased.co.uk.
If you would like to comment on this story, contact:
Tel: 020 7034 2682
e-mail: [email protected]
What made financial headlines over the weekend?
The chairman doggedly tries to be amusing
'Profitability is almost a myth'
Active Wealth in liquidation
Cautious welcome for volatility