UKproperty equity hits record high

The UK's property equity has reached an unprecedented £5.7trn, driven by recovering house prices, according to the Equity Release Council. This figure marks an increase from £5.4trn in the same period last year and surpasses the previous high of £5.6trn recorded in mid-2022. Jim Boyd, CEO of the Equity Release Council, stated: “Your prospects of living comfortably in retirement will rest on firmer foundations if you own your own home and include property wealth in your financial plans.” The study highlights that 55% of UK homeowners are over 55 years old, holding an average property equity of £321,213, which is significantly higher in London. The findings suggest that property wealth could play a crucial role in supporting the older population, especially as government pension spending is projected at £152bn for 2024/25. 

City AM (04/09/2024)