Flat owners' equity release plans 'benefit from biggest price increase'

Owners of flats and maisonettes are likely to have had the biggest boost to their equity release plans following the latest upturn in market prices, new data suggests.

The average price of flats and maisonettes increased by 8.5 per cent in the 12 months to January 2010, according to the Land Registry.

Flats had an average value of £157,978 last month, compared to a price of £155,692 for semi-detached properties.

Those living in detached and semi-detached houses also benefited from a favourable increase, with average prices rising by 6.1 per cent and six per cent respectively.

Overall, British homeowners will have benefited from an average 5.2 per cent increase in value across all property types.

Director of estate agent Pricket & Ellis Nigel Ellis claimed last week that there is a particular shortage of demand in the prime property market, which is likely to push up prices in this sector.

Equity release plans from Ashall Glover Financial Services