Equity release used as 'back-up savings account' as average £80k unlocked in July - research
158% increase on July last year
A record average of £78,334 of equity was released by homeowners in July, suggesting property wealth is being used as a "back-up savings account", Responsible Equity Release has said.
With the average UK salary just less than £28,000, the provider said homeowners released equity from their homes totalling almost three times the average annual wage in July. It said this represented...
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