UKDec 12 2016

Homes earn £26,000 a year for over-65s

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Homes earn £26,000 a year for over-65s

The table below shows the 11 areas of Great Britain monitored by Key’s index with just over-65s in Scotland seeing price falls.

RegionAverage change in value of home equity for homeowners aged 65+ (between Se and November index)Combined change in value of home equity for homeowners aged 65+ (between September and November index)
South Eastincrease of £3,460+£2.269 billion
LondonIncrease of £15,445+£3.407 billion
South Westincrease of £6,275+£3.931 billion
North WestIncrease of £2,525+£1.694 billion
East Anglia increase of £7,219+£3.407 billion
East Midlandsincrease of £3,979+£1.715 billion
West Midlandsincrease of £5,553+£1.990 billion
Yorks/Humbsincrease of £1,693+£488.599 million
Scotland£276 decrease-£77.832 million
Walesincrease of £1,150+£304.29 million
North Eastincrease of £743+£204.325 million
GREAT BRITAIN£4,786+£21.105 billion

Principal of North-England based Middleton Finance Daniel Bailey said he has experienced an increase in equity release enquiries this year mainly from retired home owners who are asset rich but have very small pension provisions.

He said: "Many are looking to raise funds to supplement there retirement income or provide funds for their children.

"Increase in property value has played its part in the increase in equity release business along with lack of pension income. More providers are entering the market and providing more competition which ultimately will benefit the consumer with more competitive rates."