Property Brokers ad complaint upheld
The real estate ad provided a "simplistic" summary of the risks associated with property investment, the Advertising Standards Authority says.
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Hawke’s Bay
A complaint about a radio advert for real estate agents Property Brokers has been upheld for not meeting the standards of financial advertising.
S Atkinson complained to the Advertising Standards Authority about the ad, which stated: "Now is the time to buy an investment property.
"Prices are affordable, interest rates very low. Your tenant will pay off your mortgage and, bingo, when you retire you have income."
The complainant argued this was an "inaccurate and overly skewed view of property investing, and plays on people's concern for security in retirement due to current political discussions".
The authority's complaints board, chaired by Jenny Robson, found some of the wording in the ad could be considered investment advice, which is the domain of qualified investment professionals.
The board said the statement that "your tenant will pay off your mortgage" was a "very simplistic summary of risks of property investment".
It was found to be in breach of the code of financial advertising, and "did not meet the high standard of social responsibility required of an advertisement of this kind".
Caleb Allison
Fri, 27 Jul 2012
Fri, 27 Jul 2012
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Property Brokers ad complaint upheld
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