Equity release rates increase from rock bottom
Lifetime mortgage rates are on the rise after hitting rock bottom; from 4.20% in March 2020, the average equity release rate for fixed and variable rate deals rose to 4.23% in April and 4.34% in May1. Lower rates have been advantageous for lifetime mortgage customers, but those looking for a cheaper deal before rates increase even further should pause for thought first. Equity release isn’t right for everyone, so don’t rush your decision.
Rural properties in high demand after lockdown
Among prime property hunters, spending more time working at home is translating to new priorities for their ideal home, a survey has revealed2. Among buyers at the top end of the market, the requirement for a dedicated remote working space is fuelling a desire for properties in well-connected rural locations, enabling them to divide their time between home and the office.
Over-65 property wealth rises despite economic uncertainty
The economy may be turbulent right now, but this hasn’t stopped pensioners from accumulating an additional £15bn in property wealth since last year – a gain of £3,152 each. This means that over-65s now own £1.13tn of mortgage-free property3. This growth is not just a short-term trend. In the past decade, older homeowners have enjoyed a 45% boost to their property wealth – equivalent to an additional £354bn or £75,000 per homeowner.