Demand for financial planning advice from homeseekers has spiralled in the first half of 2010, according to advice website unbiased.co.uk.
While the website identified pensions and retirement advice and investment and savings advice as the two main drivers overall in the advice market, demand for mortgage advice had shown most growth.
Demand for mortgage advice was up 24% in the first 6 months of 2010, compared to the same period last year. This gave a total of 45,000 mortgage advice seekers using the ‘whole of market’ approach of independent financial planners to find the best mortgage deal, and compared with 36,000 mortgage advice enquiries in the first half of 2009.
Over the year to June 2010, a third of demand (32%) for independent financial advice related to personal retirement planning, according to unbiased.co.uk.
In the same 1-year period, a quarter (25%) of enquiries for financial planning advice related to investments and savings.
The remainder of enquiries independent financial advices focused on personal stakeholder pensions (7%) and tax planning (7%), personal protection and insurance (5%), investment trusts (3%), equity release (3%), and saving for children (3%).
“We believe that the tumultuous period we have been through has led to more people seeking expert advice on their mortgages rather than going it alone,” said Karen Barrett, chief executive at unbiased.co.uk.
