The average value of property on new lifetime mortgage customers has increased by 25% annually in the fourth quarter of 2024, Pure Retirement reveals.
The lifetime mortgage lender says the latest data highlights the diverse customer profile equity release continues to serve.
Data shows an average property value in Q4 stood at £400,900.
While this a reduction from the mid-year peak of over £423,000, it still represents a 25% uplift in average house value compared to the £391,300 seen in Q4 2023.
Around four in 10 (39%) of new business comes from properties in the £250,000 to £399,000 value range, up from 37% in Q3.
Just under one in four (24%) of new plans come from owners of properties valued at between £400,000 and £699,000.
However, this represents a decrease from the 27% seen in Q3 and the 25% seen in Q4 of 2023.
Meanwhile, the proportion of new lifetime mortgages being taken out from owners of properties valued at between £700,000 and £999,000 is the highest it’s been at any point over the preceding 12 months, accounting for 7% of the lender’s new business in Q4 2024.
This compares to 5% in Q3 and 6% in Q4 2023.
Pure Retirement chief executive officer Paul Carter says: “The latest quarterly figures demonstrate the variety of customers that lifetime mortgages continue to serve.”
“Irrespective of the value of their property, many people continue to see lifetime mortgages as an effective route to reaching their financial goals, and we look forward to continuing offering a range of lifetime mortgage solutions suitable for a range of circumstances.”
