The amount of equity available for release in UK homes topped £800bn for the first time, with this value lifting by £25.6bn in the second quarter of the year, says Canada Life.
The total amount of housing equity available to homeowners aged over 55 now stands at an estimated record £811bn, as house prices continue to climb, says the later life lender basing its figures on the latest Halifax quarterly regional house price index.
House prices jumped by 13% on an annual basis in June, reported Halifax in its latest house price index earlier this month, putting the average UK house price at £294,845. This was the strongest annual growth rate seen since late 2004.
The average price of a property in the South East is now £396,000, creating £157.6bn of potential equity and making it the highest value region in the UK, followed by London where the average house price is now £547,000…