Property equity values 'beginning to stabilise'

Over 50s considering equity release as a means of providing retirement income have been advised that the value of their properties is showing signs of stabilisation.

New research from Prudential has shown that the total value of equity held in the homes of over 65s has held steady in the first half of 2009 following two years of decline.

Indeed, in many parts of the country, the average worth of properties increased between April and June, with those in Wales, London and the north-west among the beneficiaries.

Prudential claims that the health of the property market will prove a boon to those looking to release equity from their homes, as doing so can prove a more convenient alternative to selling up after retirement.

Keith Haggart, director of lifetime mortgages at Prudential, said: "Equity release has an important role to play in providing retirement funds particularly when other sources of income are under pressure."

This comes after research by the Equity Release Solicitors' Alliance revealed that an increasing proportion of single people aged over 50 are looking to release equity as a means of maintaining their financial independence.

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