Price rises push older homeowner equity over £380bn
There is now £382bn worth of equity accounted for by older homeowner’s properties due to rises in house prices across the UK, according to research by Canada Life.
The figures, based on public data on UK property homeownership and the latest Nationwide Building Society house price figures, reveal that the amount of equity available to homeowners aged over-55 now stands at £382bn, up £2.5bn against July 2018.
Alice Watson, head of marketing and communications at Canada Life Home Finance, noted that while it was not the case for every region, the overall rise in house prices was great news for homeowners.
“At the beginning of this year, we reported that nearly one in five financial advisers believed house prices would rise by up to five per cent in 2019 – despite a less positive outlook from other commentators – and this has been proved right across many areas in the UK,” she said.
“Customer demand for equity release has increased significantly across the UK over the last year, and we expect this trend to continue over the next twelve months, especially as the recent rise in house prices means that more equity is now available to over-55s.”