House prices have increased by almost ten per cent in the UK over the last year, according to new official figures.
This could come as good news to homeowners who are considering using the value of their property assets to boost their retirement income through the use of a lifetime mortgage.
According to recently-published data from the Department for Communities and Local Government UK house prices increased by 9.7 per cent between March 2009 and March 2010.
The figure comes after a 0.7 per cent rise between February and March this year.
Homeowners in England saw their properties increase in value the most with annual growth of 10.1 per cent, followed by Wales with 8.1 per cent growth and Scotland, where prices increased by 7.2 per cent.
According to the report, the average house price in the UK stood at £205,598 at the end of March 2010.
Homeowners who are curious about how much of an income the value of their property could provide can find out by using the equity release calculator provided by Key Retirement Solutions.
Posted by Richard Planner
