Homeowners have released 50% more equity from their homes over the past three months compared to the previous quarter, according to figures compiled by leading equity release provider Responsible Equity Release.

Since the General Election result in early June, the number of homeowners taking money out of their properties has risen 49.6%, compared to the previous quarter (March to May), as they use their properties as pension income boosters and to pay off mortgages.

Responsible Equity Release figures show that equity release plans arranged by homeowners averaged more than £100,000 over the past three months, with an average of £74,116 released from their properties immediately and an average additional borrowing facility of £35,514, to draw from, if and when they need the money.

Regionally, homeowners in the North West released more than double (102.3%) the amount of equity in August compared to July.

While, the total amount of equity released by homeowners in the East of England in August was 55.3% higher than in July. Individually, Scottish homeowners released an average of £39,068 in August versus £23,702 in July, an increase of 64.8%.

London saw a 17.2% drop in the total amount of equity released by homeowners in August compared to July, with an average amount of £174,489 last month.

That drop off in the total amount of equity released by homeowners in the capital is likely due to the cooling London property market, which has performed worse than almost any other regional market in the UK over the past few months.

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