Is equity release impacting the rental market?
Equity release has become increasingly popular in the UK in recent years. More homeowners are choosing to release equity from their homes to supplement their retirement income. But has this had any impact on the UK rental market?
Demand for rental homes rose 23% in a single year, according to recent research by Rightmove reported by the Guardian. Meanwhile, average rents in the private rental market rose by 4.4% in 2022 according to the Office of National Statistics. With fierce competition for suitable rented accommodation, anything impacting the rental market could come under scrutiny.
This made the team here at Equity Release Wise ask ourselves: “Does equity release have an impact on the UK rental market?” We know that changes in the economy, demographic shifts and government policies have had an effect. But what about equity release?
In this article we share our thoughts, starting with a reminder of what equity release is:
- How does equity release work?
- How does equity release affect the UK rental market?
- Rooms to rent
- Helping older people to stay in their home
- Releasing cash to maintain or repair a rental property
If you are considering equity release to access some of the wealth tied up in your home, we can help. Our selected advisers are available to discuss your circumstances, offer advice and help you find suitable plans. Just call us on 0800 096 2215 or request a call back for a no-obligation appointment. You can also check your eligibility and see how much you could release.