Nationwide Report House Price Increase
After the Land Registry reported that house prices had dropped marginally in June, the Nationwide have released their figures that suggests house prices crept up by 0.1%. Whilst the drop reported by the Land Registry was minimal many homeowners considering equity release will be encouraged with these findings from the Nationwide.
Furthermore, they revealed that house prices were up by 3% compared with the start of the year. This could mean that potential equity release customers might be able to release more from the increased value of their homes.
“Broad stability for the housing market”
The minor increase of 0.1% has taken the average price of a house in England and Wales to £170,111. This means that in the first six months of 2010, UK property prices increased by 3%. It marks a period of stability in the housing market, which will be good news for equity release customers. Martin Gauhbauer, Chief Economist for the Nationwide said:
“The month of June presented a picture of broad stability for the housing market. The price of a typical UK property rose by a seasonally adjusted 0.1% month-on-month (m/m), following a 0.5% increase in May. The smoother 3 month on 3 month rate of change rose marginally from 1.7% to 1.8%. Over the first half of 2010, UK house prices have risen by a cumulative 3.0%.”
Equity release has the potential to unlock a tax-free lump sum from the value of your home to supplement income in retirement.
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