Between April 2009 and April 2010, the average house price in the UK rose by 10.5% making this the first time annual house price inflation hit double figures since June 2007.
The report, by Nationwide, also showed a 1% increase in house prices during April putting the average at £167,802.
Good news for those considering releasing equity from their properties to help boost their retirement income, pay off debts or fund home improvements, says Geoff Charles, Managing Director of Bower.
‘The Higher the Value of the Home: the more Equity can be Released’
‘The higher the value of the home, the more equity can be released and used to improve the standard of life in retirement,’ says Geoff, whose specialist equity release company won Best Financial Adviser at the 2009 Equity Release Awards.
‘With the increase in house prices, this could be the ideal time for homeowners to release cash. With equity increasing in the property at this time, those who have been considering a lifetime mortgage or home reversion plan could do well to seek independent advice sooner rather than later and perhaps think about getting their application moving whilst property prices are higher.’
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668. Bower offers a no obligation initial consultation to homeowners considering equity release.