{"id":24209,"date":"2024-05-14T10:31:02","date_gmt":"2024-05-14T09:31:02","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=24209"},"modified":"2024-05-14T11:01:21","modified_gmt":"2024-05-14T10:01:21","slug":"in-the-news-7","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2024\/05\/14\/in-the-news-7\/","title":{"rendered":"In the news"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Equity release trends<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>According to the Equity Release Council<sup>1<\/sup>, total annual lending reached \u00a32.6bn in 2023, compared to a record-breaking \u00a36.2bn in 2022, returning the market to the level of activity last seen between 2016 to 2017 (\u00a32.1bn to \u00a33.1bn). The total number of plans agreed last year was 26,119, a drop of 47% from 49,285 in 2022. The majority preference (53%) opted for drawdown lifetime mortgages, reversing the trend in 2022 when lump sum lifetime mortgages made up 52% of new product sales.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>Average property gain of over \u00a3100k<\/strong>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>An overwhelming majority of households (93%) sold their homes for more than their initial purchase price, according to recent research<sup>2<\/sup>. People who bought properties within the last two decades saw an average increase of \u00a3102,650 when selling up in 2023, marking the second-highest recorded figure.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>In total, sellers in 2023 collectively gained \u00a3103bn in value compared to their purchase prices. However, the average gross profit dropped by \u00a310,300 or 9% compared to 2022, partly due to marginal house price decreases.&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>According to estate agents Hamptons, the decrease in average gains is partly due to small house-price falls last year, alongside households opting to move sooner. Aneisha Beveridge, Head of Research at Hamptons, said, <em>\u201cHouseholds rarely move when they\u2019re faced with the prospect of selling their home for less than they paid. Generally, the chances of selling at a loss peak within the first few years of ownership. But for some Londoners, that stretches back to when parts of the market peaked in 2016.\u201d<\/em>&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>ERC, 2024&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>2<\/sup>Hamptons, 2024&nbsp;<\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments. Think carefully before securing other debts against your home. Equity released from your home will be secured against it.<\/strong>&nbsp;<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Equity release trends&nbsp; According to the Equity Release Council1, total annual lending reached \u00a32.6bn in 2023, compared to a record-breaking \u00a36.2bn in 2022, returning the market to the level of activity last seen between 2016 to 2017 (\u00a32.1bn to \u00a33.1bn). The total number of plans agreed last year was 26,119, a drop of 47% from [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":24210,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,91],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/24209"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=24209"}],"version-history":[{"count":4,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/24209\/revisions"}],"predecessor-version":[{"id":24214,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/24209\/revisions\/24214"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/24210"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=24209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=24209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=24209"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=24209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}