The property market in the West Midlands: Why releasing equity could be right for you
Equity release is a very popular way for homeowners over the age of 55 to raise tax-free money from the equity in their property, allowing them to enjoy and fund their retirements. The amount of money you can raise will depend on the age of the youngest applicant and the value of the property.
Do you know how much your property is worth? If you invested in bricks and mortar in areas of the West Midlands including Birmingham, Wolverhampton, Dudley, or Walsall, you will have seen the value of your property grow over the years. These areas are very popular with families and individuals looking for excellent transport and rail links, plenty to do, and it also boasts one of the lowest costs of living in the UK. Due to the diversity of various industries and businesses, the local economy is doing very well, making it a top choice for many.
According to one report, the West Midlands has had one of the highest property price increases anywhere in the UK. According to Rightmove in 2020, the average property price was over £257,000. The majority of property sales were semi-detached homes that sold for an average of just over £224,000. Detached homes sold for an average of £380,000 and terraces fetched £185,000. In 2020, prices were up 11 per cent on the previous year and 13 per cent on 2018.
Are you wondering how much equity you could release in the West Midlands? Use our equity release calculator.