Yorkshire property and increasing house values: Why equity release could make sense
There are many reasons that people choose to put their money into bricks and mortar in Yorkshire. Being in the middle of the picturesque countryside, there are also big cities like Leeds on the doorstep. The county is steeped in history, with many castles and abbeys nearby. If you have roots in Yorkshire and have been there for some time, you will be sitting on money in your home, due to large increases in house prices.
According to Rightmove in 2020, Yorkshire homes had an average value of over £217,000, with semi-detached properties fetching an average of just over £187,000. Detached houses sold for an average of £331,000. In 2020, prices were up 5 per cent on 2019 and 8 per cent on 2018. According to data, Leeds saw the biggest growth in house prices in the whole of the UK in 2020, apart from Islington which topped the list. With house prices leaping 11 per cent in Leeds and 8.8 per cent in Doncaster, this news was great for all homeowners in the county.
To find out how much money you could release from your property, please use our handy equity release calculator.