House price rises could increase popularity of equity release

House prices in the UK continued to rise last month, according to new figures from building society Nationwide.

This could encourage a number of expats who still own a property in the UK to use the increased value of their property to supply them with a tax-free cash payment through the use of an equity release plan.

Figures from Nationwide’s latest House Price Index revealed that values increased by 0.5 per cent last month.

According to the report, the average UK home is now worth £169,162, up from £167,802 in April.

Martin Gahbauer, Nationwide’s chief economist, said: "Since reaching a trough in February 2009 – following a drop of 19.3 per cent from their October 2007 peak – house prices have risen by 12.2 per cent and are now just 9.5 per cent below the October 2007 peak."

UK property owners aged over 55 years who are curious about the how much cash their property’s value could generate, can find out by contacting a reputable equity release scheme provider.