Property wealth grows strong despite economic uncertainty
New data has revealed that total housing wealth accessible through equity release grew to £372 billion in the three months to June 2017.
Data from Retirement Advantage revealed the growth in housing wealth available to those over the age of 55, with the second quarter figures dispelling any doubts caused by Brexit and political upheaval.
Nationally speaking, the results indicate a quarterly rise of 1.4%, with the most notable rises occurring in the East Midlands, Scotland, and the North, with growth at 1%, 0.7% and 0.7% respectively.
Commenting on the figures was Alice Watson. The Head of Marketing at Retirement Advantage Equity Release drew attention to the volatility that the market had anticipated, with fears that uncertainty would bring the housing market to a standstill. However, she stressed that this was not the case, with levels of property wealth remaining high, despite the economic concerns.
Watson also highlighted that the wealth was concentrated in one particular area, with the most recent quarter showing the most significant growth to have occurred outside of London and the South East.
She concluded by commenting on the strength of the market, stating that the healthy figures during a period of uncertainty indicated that equity release is now becoming a more common aspect of later life planning.
A joint project between several regional law firms, Equishield provide professional legal advice for Equity Release Mortgages across England and Wales. More information can be found on their website.