New research has revealed that owner occupiers without mortgages in the UK have equity worth £2.58 trillion. Meanwhile, owner occupiers with mortgages live in homes worth £2.25 trillion.
The research from real estate giants Savills shows that the value of the entire UK residential market has now reached record levels and is worth £7.29 trillion.
Increase in equity release products
The rise in the equity held by homeowners is now being serviced by an increasing number of products on the market, including lifetime mortgages, that allow them to access some of the value of their property.
The equity release market has expanded rapidly in recent years. The most recent report on the market from the Equity Release Council revealed that the number of products had more than doubled between 2016 and 2018, with more homeowners than ever looking to use their property wealth to help their offspring get on the property ladder.
Expert help from Homeward Legal
The start of the year is always a good time to start weighing up property options and make plans for the coming months.
Any homeowner who is planning to use equity release will get expert help from Homeward Legal on finding the right conveyancing solicitor to carry out the essential legal work.
Talk to our team now on 0800 038 6699 for a no-obligation quote on low-cost, high-quality conveyancing services. You can also get an instant online quote for equity release conveyancing here.