Significant gains for homeowners over 20 years
Analysis reveals1 that UK homeowners who purchased their properties in the last 20 years have seen an average increase of £80,000 in value. In comparison, those who sold within the last year made an average gain of £65,000. Homes in high-value areas and commuter towns, including the Cotswolds and Richmond upon Thames, experienced the largest gains, with 80% of properties increasing by over £65,000. Outside London, the South East had the highest proportion (70%) of homes appreciating by this amount.
One in five UK residents suffer storm damage
Storms and flooding are having devastating effects on residents across the UK, with two in five homes impacted by some form of extreme weather in the past five years. New research2 shows that more than a fifth of UK homes suffered storm damage between 2020 and 2024. Some 12% experienced flooding in the same period. Faced with this growing threat, getting the right home insurance to protect your property and peace of mind is more crucial than ever.
Equity Release continues growth trend
Data from the Equity Release Council (ERC)3 has shown the sector had two consecutive growth quarters to September 2024. In Q3 alone, a total of £615m of property wealth was withdrawn by homeowners over the age of 50, representing a 6% increase quarter-on-quarter. A modest increase in typical loan size was noted, with new lump sum lifetime mortgage clients taking out £111,618 on average. Chair of the ERC, David Burrowes commented on the data, “Returning growth may have been modest to date, but it’s particularly encouraging to see the trend continue.”
1Zoopla, 2Aviva, 3ERC, 2024
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.