New estimates published by Canada Life reveal that more than £23bn could be available to over-55s in Yorkshire via equity release.
The figures, based on public data on UK property and Nationwide Building Society house price figures, show that house prices in Yorkshire increased more quickly than anywhere else in the UK in Q3 2018. As a result, the total value of property wealth Yorkshire’s over-55s could access via equity release is estimated to have gone up from £22.9bn to £23.6bn.
Across the UK, the total amount of housing wealth potentially available to over-55s through equity release has increased to £382.3bn. Much of this is driven by house price growth outside London and the South East.
Alice Watson, Head of Marketing and Communications at Canada Life Home Finance, said:
“As equity release continues to grow in popularity, increasing numbers of over-55s are using property wealth to fund retirement alongside other assets. As well as making home improvements and supporting day-to-day living, people are increasingly unlocking property wealth to support family members. This is happening across the country, counter to the typical view that activity is only focused on London and the South East."
“These figures are estimates, and equity release will not be suitable for everyone. But with house price growth continuing both in Yorkshire and the rest of the country, there is the potential for more homeowners to take a holistic view of all their assets – including property – and consider the support they can provide in retirement.”