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Equity release statistics by region

Regional statistics for new equity release plans provided by Key Retirement are broken down into 12 regions. 

2016 (Full Year)   Average
Age
Total
Amount
Released
Average
Property
Value
Average
Total
Facility
           
East Anglia   72 £35,594,175 £260,151 £74,705
East Midlands   72 £30,006,439 £220,065 £58,345
London   72 £108,718,892 £625,091 £157,750
North   72 £9,430,129 £191,510 £53,527
North West   72 £31,784,527 £204,079 £55,058
Northern Ireland   72 £2,455,419 £195,805 £50,814
Scotland   71 £21,368,645 £190,820 £51,884
South East   72 £165,452,149 £495,975 £97,879
South West   71 £59,363,983 £289,804 £77,201
Wales   72 £16,445,666 £211,432 £53,826
West Midlands   72 £29,259,297 £223,952 £60,345
Yorkshire & Humberside   72 £21,848,554 £199,673 £57,745
           
Total   72 £531,727,876 £345,397 £82,441




 

Key facts

The regional values are largely a reflection on the North/South divide in property prices. Unsurprisingly, the highest overall totals of equity release released in 2016 remained in the South East regions, with both London and the rest of the area both topping over £100m, with the rest of the South East hitting just over £165m. London also saw the highest average total facility out of all regions.
 
Out of the rest of the UK, the lower house prices in the North resulted in property values and total facilities of those taking out equity release up to a less than a third of that of the capital.
 

Year-on-year comparison

Below are our historical data for the 2015 year for comparison. The table particularly highlights the year on year increase for both average value and facility as well as the total amount of equity release:
 

Region   Average
Property
Value - 2015
Average Property Value - 2016 YOY +/-    Average
Total
Facility - 2015
Average Total Facility - 2016 YOY +/-
East Anglia   £232,732 £260,151 +11.8%   £68,604 £74,705 +8.9%
East Midlands   £201,267 £220,065 +9.3%   £58,959 £58,345 -1.1%
London   £578,671 £625,091 +8.0%   £156,895 £157,750 +0.5%
North   £175,616 £191,510 +9.1%   £52,729 £53,527 +1.5%
North West   £187,779 £204,079 +8.7%   £53,273 £55,058 +3.4%
Northern Ireland   £167,499 £195,805 +16.6%   £41,739 £50,814 +£21.7%
Scotland   £167,933 £190,820 +13.6%   £49,773 £51,884 +4.2%
South East   £329,167 £495,975 +50.7%   £93,371 £97,879 +4.8%
South West   £267,773 £289,804 +8.2%   £76,528 £77,201 +0.9%
Wales   £198,485 £211,432 +6.5%   £55,205 £53,826 -2.5%
West Midlands   £204,212 £223,952 +9.7%   £55,736 £60,345 +9.3%
Yorkshire & Humberside   £180,811 £199,673 +10.4%   £50,809 £57,745 +13.7%
                 
Total/Average   £274,770 £345,397 +25.7%   £68,604 £82,441 +20.2%


Key facts

Key’s statistics highlight some interesting facts about differing patterns in equity release between regions. Whilst all areas in the South increased their total amount released, the North and Scotland showed a decrease.
 
Despite this, total facility released across all regions was up with the exception of the East Midlands, which was down fractionally by 0.1%.

Note - All stats taken from 2016 Key customer data

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