Home Finance – In the news
Looming crisis in older people’s housing
With demand for homes for older people four times higher than supply, the government has been urged to investigate1. The UK’s largest retirement housebuilder is requesting the introduction of rules to ensure 10% of new housing is designed for pensioners. A new government initiative ‘The Older People’s Housing Taskforce’ is set to examine barriers to supply of housing for older people, to look at how homes can be adapted to make them more suitable for older inhabitants and to examine the limited choice of properties available to pensioners, revealed in the Levelling Up White Paper.
Bumper Q4 for equity release
The Equity Release Council says record amounts of property wealth were accessed through equity release products in the last quarter of 2021, taking total lending for the year to £4.8bn, representing a 24% rise from the 2020 figure of £3.86bn2. Average loan sizes also increased, which the Council says is partly influenced by a rise in property prices as well as an increase in wealthier customers using equity release as part of their financial planning.
1McCarthy Stone, 2022
2Equity Release Council, 2022
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.