At BR Estate Agent, we are pleased to say we serve a wide range of clients. The Bromley property market is a vibrant one, and we have helped many people move home.
According to figures published by independent equity release adviser Kay, the over-65 population in the UK owns property worth £1.232 trillion. There has been a significant increase of late, with the value rising by an average of £561 per month, over the past three months.
Do you worry about the value of your property?
Not everyone is too concerned about the value of their property. As long as it protects you and your loved ones, a lot of people will be happy. However, a lot of people pay close attention to their property value. There is also a growing level of interest in releasing equity from your home, or downsizing to release money.
If you are considering a property move, for whatever reason, we are here to assist you.
The total property wealth of people over 65 years’ old is valued at £1.232 trillion, and this has risen by £8,436 billion in the past 3 months. This equates to an average rise of £1,685 per household.
- In East Anglia, there has been a rise of £10,000.
- In Wales, the rise has been £8,300.
The only location which has experienced a fall in property values is the South West, having fallen by an average of £738 in the past three months. The South West (and East Anglia) accounts for close to 29% of all property wealth held by people older than 65.
Do you need help in the housing market?
Will Hale, CEO at Key, comments: “Over the last three months, the property market has been buoyant – spurred on by the extension of the Stamp Duty Holiday and the launch of Government guarantees for over 95% LTV mortgages. That said, the market performance over the last eleven years has generally been positive and over-65s homeowners seen their property wealth increase by an average of £90,420 over the period. This puts into stark contrast the increase in average weekly pension income which jumped just £12 between 2010 and 2020. The retirement ambitions and needs of today’s over-65s as well as inflation make this increase seem even smaller and highlights how important it is for people to consider all their assets at retirement.”
Will Hale concluded by saying; “Sitting in a quarter of a million pound home unable to keep the heating on or meet other day-to-day living costs makes no sense. Today’s modern equity release products can help people access some of the value tied up in their properties to address these issues and then through flexible features enable them to manage their borrowing by choosing to make ad hoc capital repayments or to service the interest if they wish.”
If you are looking to make a move in the Bromley property market, and you would like to speak with local experts, please get in touch. If you would like to arrange a property valuation, contact us and we will set this up for you. You can phone your BR Estate Agent on 020 3633 8620 from 9am till 9pm seven days a week or visit our website www.br-estateagent.co.uk for more information.