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Average equity released topped £80,000 in September

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The average equity released by homeowners topped £80,000 in September, according to Responsible Equity Release.

The firm says homeowners are taking advantage of falling lifetime mortgage interest rates.

Last month, UK homeowners released an average of £86,361 from their properties.

Property owners also agreed an average additional borrowing facility of £43,385.

That took the average equity release plan amount in September to just under £130,000.

Q3 saw the total amount of equity released by homeowners rise 40 per cent on the previous quarter.

In London the amount of equity released by individual homeowners was £219,221, up 13 per cent from August.

Up almost two thirds, Northern Ireland saw the biggest rise in the average amount released in September (64 per cent).

Responsible Equity Release managing director Steve Wilkie says: “Although the Bank of England has indicated that an interest rate rise is imminent, the reality is that even a 1 per cent rise, which is unlikely in the short term, will repair the damage suffered by Britain’s pensioners who have seen their savings deliver very little income over the past decade.”

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