Southerners most likely to use equity release to buy property
Over-55s in the South are three times as likely to use equity release plans for property purchase as those in the North, according to more2life.
The equity release lender found that South East England, South West England and London comprised 46% of all equity release house purchase cases in the last year.
This compared to just 15% from North East England, North West England and Yorkshire.
Using equity release for property purchase was most popular in the South East, accounting for almost a quarter (23%) of all cases, followed by the South West (16%).
The least popular areas for house purchases through equity release were North East England (2%), followed by Wales (2%) and Scotland (5%). More2Life said this is potentially due to more modest house prices in those areas.
Dave Harris, chief executive officer at more2life, said: “While the stamp duty holiday has come to a close, today’s figures highlight the important role equity release has played in helping people find their forever home. This is never easy – especially if you need to find a property that has been adapted or can be in future – but equity release can provide the boost that people need in order to achieve this.
“Although higher house prices in London, the South West and the South East have seen more customers in these regions choosing this option, we have seen the benefits right across the country. For some, it means finding their dream property while for others it means moving closer to family or amenities that support what they want to do in retirement.”