The average property value among new lifetime mortgage customers has hit over £423,000, new analysis by Pure Retirement has highlighted.
Research from the lifetime mortgage lender showed marked annual and quarterly increases in the average property value among new lifetime mortgage customers in Q3.
According to the lender’s data, the average property value increased on both a quarterly and annual basis and is at among the highest level they’ve recorded for a single quarter. At £423,434, the average Q3 house value among new customers represents a 4% annual increase – from £406,805 in Q3 2023 – and a 3.2% increase on a quarterly basis, up from £409,811.
The figures represents a noticeable shift after factoring national house price growth, which according to Nationwide’s most recent house price index, saw rises of 2.5% annually and 0.7% quarterly.
This means that the average house price value among new lifetime mortgage customers has risen nearly five times as fast as the national average over the last quarter.
Pure Retirement CEO, Paul Carter, said: “These latest figures continue to underline the importance of developing later life lending products that meet a diverse range of audience profiles and needs.
“Additionally, they also underline the ways that these products continue to be seen as a viable and attractive means to achieving financial goals from people across the wealth and property value spectrum.”
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