Homeowners looking to ease their financial struggles by realising the potential of the funds tied up in their property assets can access double the amount they were able to ten years ago, new research has suggested.
A new report from the Halifax, based on figures from the bank’s monthly House Price Index, has revealed that the average value of a UK property has doubled over the last decade.
According to the research, the average UK house was worth £88,596 in 1999.
After an increase of 105 per cent during the noughties the average price now stands at £167,020.
This could be good news for people looking into schemes such as equity release which allow homeowners to boost their income with cash taken from the value of their assets.
Martin Ellis, housing economist at Halifax, said: "The noughties was a significant decade for house prices.
"Overall, prices increased considerably despite the marked decline towards the end of the decade. This contrasted sharply with the 1990s when prices rose only modestly in monetary terms and actually fell once retail price inflation is taken into account."
Posted by Richard Planner
