House price boost for equity release

Posted in Equity Release Property News

4th June 2010

As expected, house prices have risen over the last month, which will allow people with lifetime mortgages or home reversion plans to extract more money from their properties.

This comes following the promising news earlier this week that the amount of mortgages granted had increased.

Nationwide's figures show that the average house price is now up to nearly £170,000 (£169,162) – the best part of £15,000 higher than 12 months ago.

In further encouraging news for the equity release market, the building society expects prices to keep rising – as they have done for 12 of the last 13 months.

Martin Gahbauer, Nationwide's chief economist, commented that: "The current supply-demand balance on the market is still consistent with relatively stable to modestly upward trending prices."

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