Surging House Prices See £1bn In Property Wealth Released

Older homeowners have taken advantage of the rapid escalation of house prices to release more than £11.3m in property wealth a day during the first three months of the year. The average customer received £103,710 – a 25% increase over the £83,242 released in the first quarter of 2020 – highlighting how over-55s are confidently using their housing equity to support family and ease the pressure on income by managing debt. Total equity released (including drawdown and further advances) in the three months to March 31st increased by 12.8% to £1.07 billion from £950.59 million in the same period last year despite plan sales falling by 9.5% to 10,341 from 11,423. Read more on the Property Reporter website.

Surging house prices see £1bn in property wealth released during Q1 | Property Reporter

Private Landlords to Own £1tn of Property By 2015

Private landlords in Britain are set to own £1tn worth of homes by late spring 2015 as rising house prices and growing appetite from investors drives up the value of the booming buy-to-let sector. The private rented sector has expanded rapidly in recent years, as would-be first-time buyers have struggled to get a toehold in the housing ladder. Official figures show that since 2001, nearly 2 million households have been added to the sector and a report by mortgage lender Kent Reliance forecasts that by 2016 the total will have grown to 5 million, representing just under one in five households. Buy to let landlords now own properties worth a total of £930.7bn, three-and-a-half times the £262.1bn the sector was worth in 2001. Read more on the Guardian website.