House Prices Reach 2006 Levels
The constant improvement in the housing market in England and Wales has reached a level last seen in 2006, and many commentators believe that this will remain constant throughout 2010.
This will be good news for potential equity release customers looking to release some of the value in their properties. According to the Land Registry, house prices in England and Wales increased by 0.1% in May and June to take the average price of a house to £166,072.
Homeowners Could Get More from Equity Release Than a Year Ago
This very slight increase ensured that house prices were 8.4% higher than a year ago, the eighth consecutive year-on-year rise. It also looks as if these levels will be sustained throughout the year according to many industry experts.
Homeowners considering releasing equity from their homes will be encouraged by this continued trend of good news from the housing market. It will mean those releasing equity at the moment could get a greater return on the percentage they release.
Equity release has the potential to unlock a tax-free lump sum from the value of a property to supplement income in retirement.
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