"The steady growth in house prices has come at a time when the societal need for more effective solutions at retirement is also on the rise."
LGHF’s analysis of ONS data demonstrates that, if property growth continues at its current rate, with house prices rising by more than 10%, up to 18 additional wards in England & Wales could enter the £1million+ category.
While the majority of these areas are in London, many of the ‘new entrants’ in recent years are from outside the capital, such as Sevenoaks Kippington in Kent, Gerrards Cross in Buckinghamshire, and Woldingham in Tandridge, Surrey. With house price growth in London stagnating relative to the rest of the country this could see a greater number of areas outside the capital with a median local house price value of more than £1million.
To provide a better solution for the rising number of property millionaires across the country, LGHF has launched a new premier lifetime mortgage, with two products developed to help customers make the most of the wealth in their homes.
The new offering, specifically aimed at clients with £1million+ properties, will provide a specially designed product and additional support to advisers when dealing with higher-level loans.
Claire Singleton, CEO of Legal & General Home Finance, commented: “The steady growth in house prices has come at a time when the societal need for more effective solutions at retirement is also on the rise. We know that people want to provide a living inheritance, support their family members or simply maximise their own retirement income. A greater number of people could benefit from taking advantage of their property wealth as part of their long-term plans. With more ‘property millionaires’ across the country, lifetime mortgages can be a useful tool to help you enjoy the retirement you want.”
