House Equity Rises by £2billion in 2010
The amount of housing equity grew by £2billion at the start of 2010 to take the total tied-up in British property to £767billion. This is in-line with the consistent house price rises that started in 2009 and have continued into 2010. It could make equity release schemes a lot more attractive for potential customers.
Many homeowners, looking to supplement their income, might consider an equity release scheme, especially after it emerged that homeowners aged 65 years old or more now had £767billion in housing equity.
Significant Increases in Housing Equity
Geographically, house prices affected some areas more than others. Homeowners in the north east and north west of the UK enjoyed the greatest percentage growth – 4.6% and 1.8% respectively.
This latest increase and overall wealth in the housing market, demonstrates an asset-rich population who may consider an equity release scheme to improve cash-flow.
With other sources of finance for retired homeowners, such as pensions and savings, coming under greater scrutiny, equity release could provide the level of additional finance needed.
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