The property market in Dorset: Why release equity from your home?
Many people who head into retirement are cash-poor and asset rich. Equity release is a way of accessing the cash tied up in your property yet remain the owner of the property and never be forced to move. Understandably, many people wish to stay in the homes they have lived in for many years, without having to downsize to be close to families or the community they know. Equity release allows you to live in your home until the last person party to the equity release dies or moves into residential care. You can of course move house if you wish to subject to individual lender’s terms – please read our blog: Can I move house if I have taken out equity release?
The property market in Dorset is subject to the usual ups and downs of the market but as a whole continues on an upward trajectory. In November 2020, the average house price was over £340,000. According to Nationwide, house prices in the South West, including the county of Dorset were increasing the most in comparison to other areas. Dorset has many smaller properties and second homes but also has many properties worth well over £1million.
The population is also growing and has seen a rise of 10 per cent in 2020. The county is not just popular with retirees but younger people are heading to its towns and cities for its gorgeous rolling countryside, stunning Jurassic Coast, and beautiful villages. According to Rightmove, some of the most desirable places are Wareham, Swanage, Broadstone, Bridport, and Gillingham.
If you are wondering if you could release equity from your Dorset property, please call our local equity release advisors for advice and help. We are highly experienced in all areas of equity release and know and understand the market.