Author: colin_williams

The Importance Of Energy Efficiency At Home

Posted on by colin_williams

With rising energy prices, it is vital homeowners consider the benefits, and impact of , improving their energy efficiency at home.

Reducing Your Carbon Footprint

One of the primary benefits of energy efficiency is that it can help to reduce your carbon footprint. A carbon footprint is the amount of carbon dioxide that is emitted into the atmosphere as a result of the activities of an individual, family, or business. Carbon dioxide is a greenhouse gas that contributes to climate change. By reducing the amount of energy you use in your home, you can help to reduce your carbon footprint and do your part to combat climate change.

Saving Money on Your Energy Bills

Another benefit of energy efficiency is that it can help you to save money on your energy bills. When you use less energy, you will have lower energy bills. You can save money on your energy bills by making simple changes such as turning off lights when you leave a room or investing in energy-efficient appliances.

Improving the Comfort of Your Home

Making your home more energy efficient can also improve the comfort of your home. For example, if you seal and insulate your home properly, you can help to prevent drafts and make your home more comfortable in the winter. Additionally, energy-efficient windows can help to keep your home cooler in the summer by blocking out heat from the sun.

Protecting the Environment

In addition to reducing your carbon footprint, making your home more energy efficient can also help to protect the environment in other ways. For example, using less energy helps to conserve resources such as water and fossil fuels. Additionally, using renewable energy sources such as solar power can help to reduce air pollution and protect wildlife habitats

A study suggests homeowners are looking to spend an average of £2,792 in the next year, and 16% of property owners are likely to spend more than £5,000 to improve their home.

The top 10 in the findings were:

1: Replace the boiler with a new energy-efficient alternative (28%)

2: Draught proofing (27%)

3: Upgrading doors to be double/triple glazed (25%)

4: Upgrading windows to be double/triple glazed (24%)

5: Replacing all lightbulbs with energy-efficient alternatives (23%)

6: Install solar panels (22%)

7: Lining the loft with insulation (21%)

8: Install a heat pump (20%)

9: Installing hot water tank insulation (19%)

10: Installing cavity wall insulation (18%)

Tom Butler from MyGlazing.com, spoke about the findings of the study to Property Reporter, saying: “It goes without saying that, as a nation, we’re facing considerable challenges when it comes to the cost of living. However, it’s promising to see that so many homeowners are planning to make energy-efficient home improvements in the near future. Even though the initial cost of some green improvements can be costly, the long-term benefit makes them a real investment. For example, up to 24% of heat energy can escape from old, draughty glazing so upgrading windows to be double or even triple glazed can really help to improve a property’s energy efficiency.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Stamp Duty Changes And Staying Up To Date

Posted on by colin_williams

If you want to make a move in the housing market, it makes sense to stay up to date with the latest changes. Recent stamp duty changes will mean some potential buyers will look at the market differently, which impacts buyers and vendors.

If you want to be informed about how these changes impact you, we can help.

What is Stamp Duty?

Stamp duty is a tax that is levied on the purchase of property in the United Kingdom. The tax is calculated as a percentage of the purchase price of the property, and is payable by the buyer.

Why is stamp duty important?

Stamp duty is an important source of revenue for the government, and helps to fund public services such as education and healthcare. The tax also helps to cool the housing market by making it more expensive to buy property, which can help to prevent house prices from rising too rapidly.

How much stamp duty do I have to pay?

The amount of stamp duty you have to pay depends on the purchase price of the property and your personal circumstances.

When do I have to pay stamp duty?

You will need to pay stamp duty within 14 days of completing the purchase of your property. Failure to do so may result in penalties or interest being charged.

What happens if I don’t pay stamp duty?

If you fail to pay stamp duty, you may be liable for penalties or interest charges. Additionally, the government may take legal action against you in order to recover the outstanding tax.

What are the stamp duty rates now?

Stamp duty tax bands from 23 Sept 2022

  • Up to £250,000 – 0%
  • £250,001 to £925,000 – 5%
  • £925,001 to £1.5 million – 10%
  • Over £1.5 million 12%

First-time buyers

  • Up to £425,000 – 0%
  • £425,001 to £625,000 – 5%
  • Homes priced above £625,000 – Normal rates apply

Tim Bannister from Rightmove believes stamp duty changes will stimulate demand in the market. Tim said; “If the stamp duty cuts lead to a big jump in prospective buyers competing for the constrained number of properties for sale, then it could lead to some unseasonal price rises over the next few months. But because the change is permanent, and because of gathering headwinds such as rising mortgage rates, we expect to see a more gradual increase in demand compared with the surge when the temporary stamp duty holiday was announced in 2020. With more buyer demand we would also expect that the current trend of more properties coming to market will continue, offering more choice for buyers.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Considering Your Next Move In The Housing Market

Posted on by colin_williams

If you are evaluating your finances, and your next move in the housing market, you aren’t not alone. Given the current circumstances, it is no surprise many people seek advice on what to do for the best.

Many people are concerned about rising interest rates

A study by property experts, Property Rescue, spoke to 1,000 UK-based homeowners. Unsurprisingly, the findings showed homeowners are anxious about what is happening in the economy, but more than half are also either angry (28%) or depressed (24%) about the rising prices.

The study showed 21% of property owners are so concerned about their finances, that they might have to sell their home because of increasing mortgage interest rates.

Property Rescue spokesperson, Andrew Landers, comments: “It’s no secret that the UK is currently in the midst of a unique set of financial circumstances. With interest rates and inflation on the up, and the combined impact of the energy and cost of living crises, the UK’s homeowners are under a huge amount of pressure. And sadly, for some, it will inevitably result in the loss of their property. When this happens, the ability to sell your house fast, through a reputable sales management company, can make an enormous difference. Helping homeowners to realise the potential of their property swiftly, alleviating financial strains immediately, without the standard lengthy negotiation period. With the Bank of England predicting a likely recession in early 2023, it may be some time before the UK’s homeowners can contemplate a brighter outlook.”

Steps to sell your home

If you are looking to sell your home, please follow these steps:

Get an appraisal.

The first step in selling your home is to get an appraisal. This will give you an idea of how much your home is worth and help you set a realistic asking price. You can find a qualified appraiser by contacting your local real estate board or searching online.

Prepare your home for sale.

Once you have an idea of how much your home is worth, it’s time to start preparing it for sale. This includes making any necessary repairs or cosmetic upgrades, such as painting, staging, and deep cleaning. You want your home to be in the best possible condition when buyers come to see it.

Find a real estate agent.

If you’re not sure how to go about selling your home, you may want to consider working with a real estate agent. A good agent will be familiar with the local market and can help you market your home effectively and negotiate with buyers on your behalf.

Advertise your home.

Once your home is ready for sale, it’s time to start advertising it to potential buyers. There are a number of ways to do this, including online listings, yard signs, and open houses. You’ll want to make sure that potential buyers are aware of your home and its unique features.

Negotiate with buyers.

Once you receive an offer on your home, it’s time to negotiate with the buyer. This can be a tricky process, but a good real estate agent will be able to help you through it. You’ll want to consider things like price, contingencies, and timing when negotiating with buyers

We are happy to help you at every point of the process.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Prices Easing For UK Countryside Homes But Demand Remains High

Posted on by colin_williams

People have long been drawn to the peace and quiet of the UK countryside. But in recent years, a number of factors have led to an increase in demand for rural property. The rise in popularity of outdoor activities, the desire for a more sustainable lifestyle, and the post-Covid recession are all contributing to this trend.

As a result, prices for UK countryside homes have been on the rise. However, the rate of growth is slowing down, making this a more viable option for many households.

There are many brilliant reasons to move to the countryside

There are a number of reasons why people are drawn to the countryside. For some, it’s the opportunity to get away from the hustle and bustle of city life. Others are drawn to the lifestyle opportunities that come with living in a rural setting.

The UK countryside offers a wealth of outdoor activities, from hiking and cycling to fishing and horse riding. And with more people working from home, there’s the added bonus of being able to escape the confines of the office.

The rise of remote working has been one of the most significant changes in the workplace in recent years.

This all changed because of the pandemic lockdown, and the effects of that will be seen and felt for many years to come. However, in many sectors, there was already a movement to this style of working.

Technology is improving all the time

Thanks to advances in technology, it’s now possible for employees to work from anywhere in the world. This has led to a number of benefits for both employers and employees.

Employers can save money on office space and other related costs, while employees have the freedom to work from wherever they feel most productive. This allows them to balance work with other aspects of their lives, such as raising children or caring for elderly relatives.

The UK countryside is an attractive option for many people who are looking for a more balanced lifestyle. With its wide-open spaces and abundance of fresh air, it’s the perfect place to escape the stresses of city life.

And with prices easing, now is the perfect time to make the move to the countryside.

Colby Short, Co-founder and CEO of GetAgent.co.uk, commented: “The homebuyer exodus of urban areas in search of larger homes in greener surroundings has been well documented during the pandemic, with this huge influx of buyer demand in many smaller rural towns leading to some very strong rates of house price growth over the last three years. However, a return to normality over the last year, in particular, has caused this trend to subside and this is having an immediate impact on property values in market towns. Countryside house prices are starting to cool after a sustained period of heightened growth but, in the majority of cases, they remain some way above their pre-pandemic benchmark. This correction will no doubt be welcomed by homebuyers local to these areas, who are now benefiting from a slightly smaller financial barrier when it comes to the cost of climbing the ladder.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

New Rightmove Study Highlights Current Selling Points In Homes

Posted on by colin_williams

Whether you are buying or selling property, key selling points are crucial. These are the factors which make a difference in so many property transactions, and when Rightmove lists the crucial elements in present-day property transactions, we listen.

Garden offices are a big factor these days and are listen eleven times more commonly than they were a decade ago. Bi-fold doors have also seen a significant rise in listings, up by 589% on ten years. Orangeries have increased by 173% and underfloor heating has risen by 114%.

The number of summer houses listed has risen while greenhouses have fallen.

What do the experts say?

Tim Bannister, Rightmove’s Property Expert, says: “Agents and developers have their finger on the pulse when it comes to the home features that will attract suitable buyers. Where dining rooms and fitted wardrobes may not be as important to some potential buyers compared with ten years ago, other features like an outdoor office space have soared as working patterns have changed, and the findings indicate a move towards greener features too. With outside space coming at such a premium, it may be that homeowners are ensuring what they build outside can be used in a number of different ways. For example, summer houses and orangeries are likely to have fewer or smaller windows than conservatories, and so can more suitably double up as home offices during the week and entertaining spaces at the weekend.”

Steve Rule, Group Design and Technical Director at Cala Homes, says: “Over the last couple of years there has been a real shift in what home-hunters are looking for. Buyers are considering in much more detail what they really want and need from their home, and truly optimising their space, especially as many are spending more time there through home or hybrid working. From a sustainability point of view, smart home tech has become very important. Underfloor heating is becoming more popular, both for environmental reasons and for the improved aesthetic it offers. We’re also rolling out various energy-saving measures in our homes which have risen up the agenda for our buyers – from air source heat pumps and EV charging points to water-saving fittings and PV/solar panels.”

Adrienne Minster, CEO of Rated People, comments: “Homeowners want to reduce their impact on the planet and cut the cost of bills by making their homes more environmentally friendly – in fact, the number one reason for making eco improvements is to lower their bills. So, with the rising cost of living and increasing awareness of the importance of living sustainably, it’s no surprise to see that more homeowners are choosing to make greener swaps and invest in the likes of underfloor heating.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

High Value Of Homes For Sale – How Can Vendors Stand Out?

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The total value of property currently for sale in Britain stands at £117bn, which is all the indication you need to know there is still life in the housing market.

How can vendors stand out from in a competitive marketplace?

In order to make their house more appealing to buyers and encourage higher offers, homeowners can take some steps to stand out from the competition. Homeowners can start by ensuring that their house is in good condition before putting it on the market. This includes repairing any damage, painting any faded areas, and decluttering. They should also stage their home in a way that makes it look inviting and appealing to potential buyers. Additionally, homeowners can make themselves available to show their home to interested buyers at their convenience. By taking some extra steps, homeowners can increase their chances of selling their house quickly and for a good price.

How does a good estate agent help homeowners connect with house buyers?

A good estate agent will help homeowners connect with potential buyers who are interested in their property. They will be able to provide homeowners with advice on how to make their house more appealing to buyers and can answer any questions that homeowners may have. Additionally, a good estate agent will be able to negotiate on behalf of the homeowners to get them the best possible price for their property. By working with a good estate agent, homeowners can increase their chances of selling their house quickly and for a good price.

These are things we pride ourselves on, and if you’re looking for guidance or support, we are more than happy to help you as best we can.

Colby Short, Co-founder and CEO of GetAgent.co.uk, commented: “The housing market is yet to show any signs of running low on steam and it seems as though every week there are reports of property values reaching new record highs. This house price performance is being driven by a sustained level of market activity from the nation’s homebuyers and this demand, coupled with a lack of stock, is the driving factor behind house price inflation. So when you consider that there are almost 380,000 homes currently listed for sale across Britain, worth a huge £117bn in the current market, and this still isn’t enough, it really does put our appetite for homeownership into perspective.”

How are house prices in Petersfield faring?

According to Rightmove, as of the end of August 2022, house prices in Petersfield are as follows:

“Properties in Petersfield had an overall average price of £425,588 over the last year.

The majority of sales in Petersfield during the last year were flats, selling for an average price of £249,030. Terraced properties sold for an average of £409,566, with detached properties fetching £669,550.

Overall, sold prices in Petersfield over the last year were 14% down on the previous year and 4% down on the 2019 peak of £445,153.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Selling Your Petersfield Home In Summer of 2022

Posted on by colin_williams

Right now, as the weather warms up and the days get longer, many homeowners are thinking about selling their Petersfield home. Selling in the summer can be a great way to take advantage of peak market demand, and with the help of a good real estate agent, you can make sure that your home sells quickly and for a fair price. Here are some tips for selling your English home in the summer.

We are here to offer guidance in selling your home

Are you one of the many homeowners who is looking to sell your Petersfield home in the summer of 2022? If so, you’re in luck! Selling your home during this time period can be very advantageous, thanks to the influx of buyers who come out during the summer months. However, making sure that your house sells quickly and for a good price takes some effort – here are five tips that will help you do just that.

1) Keep Things Clean And Tidy: It’s important to make a good first impression on potential buyers, so keeping your house clean and tidy is essential. Get rid of any clutter and put away personal belongings so that buyers can visualize themselves living in your space.

2) Stage Your Home: Staging your home is another great way to make it look more appealing to buyers. Use furniture and decor items to create an inviting space that showcases your home’s best features.

3) Price Your Home Strategically: It’s important to price your home correctly if you want it to sell quickly – setting it too high or too low could end up hurting your chances. Speak with a real estate agent to get an accurate idea of what pricing would be ideal for your property.

4) Take Advantage Of The Weather: One major advantage of selling in the summer is that more people are out looking for houses at this time of year. Make sure that your house is prominently featured on websites like Right Move and Zoopla, as well as being included in local newspapers and magazines.

5) Use A Good Real Estate Agent: Finally, using a good real estate agent is essential when selling your English home – they’ll be able to give you honest advice about how best to proceed with putting your property on the market. Choose someone who has experience dealing with sales in England during the summer months!

Rely on local estate agents

We are more than happy to be the agent you trust, and we know the Petersfield market extremely well. We aim to provide you with the best level of guidance and support you need to achieve housing market success in the summer of 2022.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Sellers Holding Firm In Housing Market

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With high demand for homes, it is fair to say many properties are selling quickly, and at a good price for the vendor. As buyers know they have significant competition in the market, they’ll often move quickly, and with a significant offer.

However, what of the homes that aren’t selling quickly? A study by Homesearch finds 52% of property which has been on the market for a minimum of 10 weeks haven’t been reduced in price. If vendors know the value and worth of their home, and are confident they’ll achieve this, it makes sense for them to hold firm while they can.

We help you in the local housing market

Sam Hunter, chief operating officer for Homesearch, says: “Despite recent speculation that the housing sector would slow as a result of rising inflation and the cost-of-living crisis, our data shows that the market remains buoyant and sellers are confident of securing the highest possible price. The agents we speak to are reporting that many homes are still being agreed at, or above, asking price, well within the first few weeks of going on sale. This is largely due to the ongoing lack of supply which is keeping prices strong, though the desperate need to move appears to have left the market.”

Sam Hunter continued by saying; “Prices are more sensitive now than they have been over the last two years. A more balanced market is great news for the high-performing agents out there. If, as an agent, you’ve had a property for sale for over 10 weeks and not had a conversation about price then you are at risk of losing these instructions to competitor agents who do broach the subject.”

How are house prices in Petersfield faring?

According to Rightmove, as of the end of July 2022, the Petersfield housing market can be described as follows;

“Properties in Petersfield had an overall average price of £423,472 over the last year.

The majority of sales in Petersfield during the last year were flats, selling for an average price of £249,290. Terraced properties sold for an average of £411,998, with detached properties fetching £672,790.

Overall, sold prices in Petersfield over the last year were 15% down on the previous year and 5% down on the 2019 peak of £445,153.”

On paper, the drop in house prices in Petersfield over the past year might sound alarming, but this isn’t the case. There are many reasons for significant movements in the housing market, and as we all know, the last few years have been far from typical when it comes to buyer behaviour.

The current market in Petersfield is in excellent shape, and there is significant demand for homes in the local area. If you are looking to buy or sell, rest assured we are more than happy to help you achieve your goal in the Petersfield property market.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

How To Price Your English Home For Sale In 2022

Posted on by colin_williams

As a homeowner in England, you may be wondering how to price your home for sale in 2022. You want to ensure that you get the best price possible, but you don’t want to undersell yourself, either. In this blog post, we’ll give you some tips on how to price your English home correctly and maximize your profits. Keep reading for more information!

How to price your home for sale in a buyers’ market

Buyers need to know how to price their home in a way that helps them connect with home buyers looking for houses. There is significant demand for homes in and around Petersfield, which is great news for vendors, but it doesn’t mean they can afford to be complacent when it comes to connecting with these buyers.

In the housing market, it’s all about price. You need to be competitive with your pricing in order to attract the attention of buyers who are looking for a great deal. However, you also don’t want to price your home too low and leave money on the table. The key is to find the right balance that will help you connect with the right buyer.

The housing market in Petersfield is very strong right now, with high demand for properties. This is great news for sellers, but it means that you need to be strategic with your pricing. If you price your home too low, you may miss out on potential buyers who are willing to pay more. On the other hand, if you price your home too high, you may have a harder time connecting with buyers who are looking for a great deal. The key is to find the right balance that will help you connect with the right buyer.

If you’re not sure how to price your home for sale in a buyers’ market, it’s best to consult with a real estate agent who can help you assess the current market conditions and come up with a competitive price that will attract the right buyers.

Factors to consider when setting your asking price

The housing market is always changing, and it can be difficult to know how to price your home. There are a few key factors to consider when setting an asking price. First, look at the overall housing market in your area. Is there high demand for properties? Are there more buyers than sellers? This will give you an idea of how much negotiating power you have. Next, take a look at the condition of your home. Is it in need of repair? Are there any major problems that will need to be fixed before selling? If so, this will impact the asking price.

Finally, consider the number of bedrooms and local facilities. If your home has more bedrooms than average or is located near popular amenities, you can set a higher asking price. By taking all of these factors into account, you can come up with a realistic asking price for your home.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

UK House Prices Continuing To Increase

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Information provided by Rightmove indicates this is the sixth month in a row that a price record was achieved. The increase was 0.4%, so it was a modest one, rising by £1,354. This took the average price to £369,968.

As you are probably aware, the demand for property far exceeds the supply of homes. Compared to demand for property at this time in 2019, there is currently 26% more demand for homes. However, if you compare this to this time last year, the current demand is 7% less.

It is amazing that demand remains so high

This isn’t a surprise, there have been a lot of property moves in the past year, and of course, there are many financial issues for households to contend with at this point. It is perfectly natural for property demand to waver in light of the cost-of-living crisis, so in that scheme of things, the market is holding up extremely well.

If you are looking for guidance or assistance in the housing market, we are more than happy to help. We are local housing market specialists in Petersfield, and we stay in touch with what the experts say. If you are keen to make an informed decision in the housing market, we have everything you need.

We listen to property market mainstays

Tim Bannister from Rightmove said; “Having more new sellers this month is a win-win for the market, as these sellers will likely achieve good prices for their homes given the sixth asking price record in a row that we’ve now seen, which may help to explain the increase in new stock coming to market over the last year. For those looking to buy, it means more choice, and a slight easing in competition against other buyers while the market is still moving very quickly. In the current fast-changing economic climate, those looking to buy who find a suitable home they can afford may choose to act now rather than wait. While more choice is welcome news, the number of homes available remains well below the more normal levels of 2019 and is unable to satisfy the continued high demand that we’re seeing.”

Tim Bannister concluded by saying; “Though a softening in demand is moving the market from a boil to a simmer, it remains 26% up on 2019. With such an imbalance remaining between supply and demand, prices look underpinned, and we would therefore only expect typical smaller seasonal month-on-month falls, rather than more significant price falls in the second half of the year. This has led to us revising our annual price growth prediction for the end of the year from 5% growth to 7%, although this would still mark a slowing from the 9.3% seen this month.”

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.

Flexibility Is Crucial In Housing Market

Posted on by colin_williams

With so many financial challenges at this point in time, it makes sense that many people are looking for greater flexibility in the housing market. Therefore, it shouldn’t be a surprise to learn that lifetime mortgages are rising in popularity, and that there are genuine benefits from this solution.

The greater flexibility and the ability for homeowners to stay in their house for longer is a great comfort, and something worth considering.

At Williams of Petersfield, we are on hand to assist you with all manner of property market situations, and this issue is one which might be ideal for a growing number of people. Of course, if you are looking to sell your home, we can assist you with that too.

There are many prospective buyers in and around Petersfield, and we can assist you connect with them.

Lifetime mortgages have value to some homeowners.

In a recent report, Quilter highlighted that over 5 thousand lifetime mortgages were sold in March this year – an increase of 29% against the same month last year. The data collection was done by Freedom Of Information requests to UK financial advisers and wealth managers who sell or offer products across all loan-to values bands (from small loans up towards large ones).

The data shows that the average number of lifetime mortgages are 31% higher than 2020 and 21 percent more popular with an LTV band at 10-20%.

Karen Noye, mortgage expert at Quilter, said: “These figures show that equity release is soaring in popularity. While there is a place in the market for these types of products it’s essential that people use them for the right reasons. The cost-of-living crisis is biting, and it is worrying to think that people are ripping equity out of their homes just to pay their monthly bills. One of the benefits of equity release is that if you don’t want to leave your home then this product can allow you to release capital but still live in your property.”

Karen concluded by saying; “However, lifetime mortgages do carry a significant risk that you may end up owing far more than you borrowed when the home comes to being sold. This is because this type of mortgage charges compound interest and if you don’t keep up with regular payments then the entire sum will compound. Therefore, you should be cautious when working out whether this product is right and make sure you seek professional advice to decide if it’s the right choice.”

If you are looking for guidance on this style of mortgage, or any potential move in the housing market, we are more than happy to assist you.

Contact Williams of Petersfield for all your 2022 housing market needs

At Williams of Petersfield, we aim to support the Petersfield community as much as we can, and we know this is an extremely trying time. A lot of people are looking for support and guidance, and if you have any property or housing related questions, we are more than happy to assist you, so contact us today.