Retirees in the UK enjoy a 7‑day weekend
Research from compiled by us using our data, found that on average, Northerners are releasing £50,218 whilst Southerners are releasing a whopping £85,593 worth of equity from their homes to help them sail through a satisfying retirement. The most popular reason for releasing equity is to pay off the rest of a mortgage, however 4% of people want to buy a brand new car, a generous 6% want to help the family and 9% just desire a better quality of life.
Looking more broadly at how equity release has become an increasingly popular trend amongst retirees more recently, up‑take of the product has increased by almost 10% in the North and 3% in the South since 2015. Retirees are looking for more cash to help fund their pleasurable lifestyles, and achieve a greater quality of life in retirement.
However, with the average cost of a happy retirement set at £15,000*, those in the South of England certainly have something to smile about, as people going down the equity release route released an average of £85,593 per person in 2016 – almost £2,500 more than in 2015. This extra cash will go a long way in helping retirees fund the lifestyle they desire, and figures from the first quarter of 2017 indicate this trend is set to increase.
Northerners release an average of £50,218 from their home which, whilst significantly less than those in the South, can go much further due to the significant difference in living costs. In total, Northerners released £90,593,033 into the economy in 2016, to help ensure they are able to live out the rest of their years happily and comfortably.
Equity can be used for a huge variety of reasons, from purchasing another property to helping children on to the property ladder. To learn more about equity release and how it can benefit your retirement give us a call to chat through your options – Freephone 08080 555 222 .
+Information gathered through analysis of Age Partnership's customer database from 2015, 2016 and Q1 of 2017