Releasing equity in Tyne and Wear: Is it a good idea?
Equity is the share you have in the value of your home. So this will mean the value of the property minus any outstanding mortgage or debt you have against it. The most obvious way to access the equity tied to your property is through downsizing or selling up. However, many people living in Gateshead or throughout Tyne and Wear do not want to sell their homes and want to continue living in a familiar environment surrounded by friends or family.
The North East is considered a wonderful place to live with its wide expanses of countryside and beauty spots. Packed with iconic towns and historic villages and many coastal areas, it attracts many different types of residents. Over the years property in the local areas has grown hugely in value.
Do you know how much your home is worth? According to the property site Rightmove, the majority of home sales in 2020 were semi-detached houses that fetched an average of just over £188,000. Terraced houses sold for an average of £165,000, whilst flats fetched £115,000. In 2020, prices had grown by 7 per cent from 2019 and 10 per cent from 2018.
The most expensive area in Tyne & Wear was Tynemouth, where house prices are an average of over £360,000. Other desirable towns include Sunderland, Whitley Bay, North Shields, and Washington.
Would you like to know how much equity release money you could release? Use our equity release calculator to find out.