Why release equity from your Durham property? How has the market fared?
Equity release is a way for retirees in Durham to release money from their property in a safe way. If you own a property in Durham, you will have seen its value rocket over the years and you may be wondering about how you can stay in your home but have more money for certain purposes like holidays or home improvements or even for day-to-day living costs.
With beautiful coastlines that stretch over the North Pennines, along with busy cities and picturesque villages, County Durham has long been a popular choice with homeowners.
In 2020, Rightmove said that the majority of property sales were semi-detached homes that sold for an average of just over £167,000. Detached houses sold for an average of £300,000 and terraced properties for an average of £156,000. The average property price was over £197,000. In 2020, prices had grown by 7 per cent from the 2017 peak. The most expensive places to live in the county include Barnard Castle, East Boldon, Durham, Darlington, and Billingham.
Are you thinking about the possibilities of equity release? See how much you could raise using our equity release calculator.