Slight House Price Fall Shouldn’t Deter Equity Release Customers
According to the Land Registry, house prices dropped by 0.2% in May when compared against April’s figures. However, this shouldn’t put off customers considering an equity release scheme because the average price of a house in England and Wales is still 8.2% higher than at the same time a year ago.
This is the seventh consecutive month that there has been a year-on-year increase in the average price of houses in England and Wales. However the month-on-month drop marks a change in the current trend.
Unlocking the Value in Your Home
The average price of a house in England and Wales, according to the Land Registry, is now valued at £165,314.
An equity release scheme has the potential to unlock some of this value in your home. Using equity release you could unlock a tax-free lump sum to supplement your income in retirement and spend on whatever it is you need.
Despite the slight drop in house prices increases, now is still a beneficial time to unlock some of the money you have tied-up in your property, especially considering that there is an estimated £767billion in housing equity in England and Wales homes.
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