Property price rises good news for Equity Release customers

6th October 2015

With London prices increasing by over 10% in 12 months, for example, there’s never been a better time for Equity Release, says Kevin Woods.

The latest Nationwide house price index saw property prices in London grow by 10.6% in the last year. Across the UK, property prices in the third quarter of 2015 were 3.7% higher than a year ago. Homeowners in outer London saw prices grow by 9.5%, while homes in Northern Ireland are now valued at 6.5% higher than last year. Only two regions saw house prices fall: the North West saw a 0.6% decline, while in Scotland prices were down 1.3%.

Robert Gardner, Nationwide’s chief economist, said that, after a sluggish performance over the summer, prices in London were again rising rapidly: “The slowdown in house price growth since the middle of 2014 has not been confined to, nor has it been driven primarily by, developments in London.

“Taking a wider view, regional house price performance was mixed in Q3. Eight UK regions recorded a slowdown in the annual rate of growth, while five saw acceleration. Most parts of the country continued to see annual house price gains – the exceptions were Scotland and the North West which both recorded small declines.”

All of this is very good news for homeowners, especially those considering Equity Release. Greater value in your property usually means that a larger amount of money can be released from it.

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