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Good news for potential equity release customers as UK house prices rise

08 April 2010

The average price of a UK property has increased by 5.2 per cent over the last 12 months to £168,521, according to the latest House Price Index from Halifax.

This could come as good news to a number of people looking to boost their finances with a regular income from a lifetime mortgage.

According to the Halifax report, house prices increased by 1.1 per cent last month and now stand more than nine per cent higher than the low of April last year.

Martin Ellis, housing economist, said: "There are signs that an increase in the number of properties available for sale is beginning to reduce the imbalance between supply and demand. This should help to contain the upward pressure on house prices."

The expert claimed the increase has partly offset the 1.6 per cent decline reported in February.

Figures from the report could inspire a number of homeowners to seek equity release guides to see how much they could raise by freeing up some of the money tied into their property assets.