The average house price in the UK reached yet another record in May

The average house price in the
UK reached yet another record in May

The average house price in the UK reached yet another record in May at £261,743, according to the latest Halifax house price index.

This comes as annual house price inflation reaches its strongest level in nearly seven years, with prices having grown 9.5% annually.

All UK regions bar the North East saw acceleration in year-on-year house price inflation last month. The strongest growth was once again recorded in Wales (up 11.9% over the past year), closely followed by the North West and Yorkshire & Humber, both of which posted double-digit annual growth. For Wales and the North West, these are the biggest percentage gains since April 2005 and for Yorkshire & Humber since June 2006.

The South of England, however, is for once lagging somewhat behind the rest of the country. This is especially the case in Greater London, where average prices are still 3.1% higher than a year ago (although already very expensive compared too much of the country) but growing more slowly than the rest of the country. This likely reflects a weakness in city prices given the shift in preference for properties with more space, whilst recent surcharges on stamp duty for non-UK residents and Brexit concerns will also have weighed on the capital’s market. 

Best wishes,

Cynthia Woodhouse
Equity Released 2U Ltd
Tel: 0208 462 3464
Email: cynthia.equityreleased2u@mail.com
Website: www:equityreleased2u.co.uk

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Aviva announces significant enhancements to its lifetime mortgage flexible drawdown feature

Aviva announces significant enhancements to its
lifetime mortgage flexible drawdown feature

Aviva has announced significant enhancements to its lifetime mortgage flexible drawdown feature, making this increasingly popular form of funding in later life more flexible for all eligible customers.

These new enhancements, which will come into effect from 20th May, include a new minimum cash release and rates tailored to individual circumstances.

Customers will be able to drawdown a minimum of £500, replacing the previous minimum of £2,000. This increased flexibility means that customers aren’t obliged to borrow more than they need, if only a small amount is required.

All customers applying for flexible drawdown will be offered a rate individually tailored to them and their circumstances, ensuring a much more personalised approach to the cost of the loan. Factors, such as the customer’s health and lifestyle information disclosed for the initial loan, and changes to house value and their age, will all be taken into account.

The new features will be available to both new and existing customers.

Cynthia Woodhouse
Equity Released 2U Ltd
Tel: 0208 462 3464
Email: cynthia.equityreleased2u@mail.com
Website: www:equityreleased2u.co.uk

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