The past twelve months have been very up and down in terms of house prices but the Land Registry has produce positive results for the London area and the south in general. This could be good news for potentialcustomers in the area.
The average price of a house in England and Wales rose by 1.5% in December 2011 compared to the same time twelve months earlier. House prices in London were up 6.2%, a large jump on the England and Wales average.
A North South Divide
Any increase in the value of a property could have a positive impact on how much a potential equity release customer could unlock. Equity release has the potential to unlock a tax-free lump sum from the value of a property to supplement income in retirement.
The Land Registry survey identified a clear north versus south divide in the habits of house prices in 2010. With London’s headline increase leading the way, the South-East of England (2.7%), the East of England (2.5%), the South-West of England (1.1%), and the West Midlands (0.2%) all noticed positive movement.
This was a very different story for areas further north with some recording up to -3.3% the average price of a house.
This positive movement in the prices of houses in the south might encourage some equity release customers to use an equity release calculator to find out how much they can release.