The housing market had a stellar year in 2021, with the average property price rising a whopping 9.8 per cent over just 12 months, according to Halifax data, bringing the average value of a British home to a record high of £276,091 in December.
It may come as no surprise then, that one in five homeowners considering how they’ll pay for their retirement plans to use their home as a cash machine, drawing out some of the capital reserves they hope to build in the interim to fund living costs in their golden years.
One in 10 hopes to downsize their property, nine per cent aim to sell their property and six per cent say they’ll access equity by taking a lifetime mortgage to help fund their later life.
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