Based on Halifax’s house price index, Canada Life analysed that the equity available to homeowners in England, Scotland and Wales aged 55 and over had increased by £25.6bn.
This averages out to £1.09m in property equity per household.
Properties in the South East have the highest values in the UK at £369,000, creating £157.6bn in potential equity for all households, and £138,700 individually.
Homeowners in the North West have seen the biggest surge in property values with a 4.8 per cent rise. This has brought the total equity available to homeowners in the region to £20.5bn or £59,400 per household.
Despite seeing the smallest growth in property values at a 2.3 per cent rise, homeowners in London can potentially access the most amount of equity in the UK at £191,500 per household.
Alice Watson, head of marketing, insurance at Canada Life said: “Our latest house price research shows once again the value that equity release could bring to households up and down the country. Everyone is noticing the increasing cost of living across the UK and people are feeling the pinch cause by rising inflation. Our latest house price research shows the average sums that homeowners could expect to receive if they explored some of the value locked up in their property. With over £800bn available across the UK, the collective pot is breaking new records every quarter.
“Whilst releasing equity from a property remains a very significant and individual decision it has a valuable role to play in helping today’s homeowners live the retirement they’ve worked for or to provide for other family members at difficult times. With the right advice, equity release has proven it can help people to access their property wealth flexibly and safely.”
