Does where you live make you more likely to release equity from your home?
Equity release is continuing to grow in popularity across the UK’s regions – giving homeowners aged 55+ the opportunity to free-up some of the cash locked into the value of their home.
A 2022 report by the Equity Release Council shows that UK houses are now worth a record £7 trillion, thanks to strong demand boosting prices¹. Equity release gives homeowners the opportunity to make the most of any increase in value, allowing them to become more financially secure, without having to move from their home.
But does where you live make you more likely to use equity release? The Equity Release Council reports that the biggest increases in the number of homeowners using equity release over the last four years are across Wales (50%), the North West (38%) and the West Midlands (31%)².
As the UK’s largest equity release advisory firm, we reflect annually on equity release trends. And our own figures show some interesting facts about the geographical picture for this product.
Based on Age Partnership research from 2022, statistics show that those in the South East of England were most likely to tap into their property equity. 14% of the nation’s total goes to the region that spans the South Coast of England, the South East of England and the Thames Valley.
This area is followed closely by the West Midlands, with 13.4% of the total accounted for here. This is up from 12.7% in 2021.
The region least likely to access cash from their home is the area covering Cumbria and the Scottish Borders. They represent less than 1% of equity release customers but with lower population numbers and rural locations, this is no great surprise.
¹https://www.equityreleasecouncil.com/news/autumn-2022-market-report/
²https://www.equityreleasecouncil.com/news/autumn-2022-market-report/
Correct at the time of publication.