Wirral house prices see 6% rise

According to the Office for National Statistics, home prices in the Wirral have increased by 6% over the last year.

The average home in the Wirral area is now worth £152,416, which is almost £9,000 higher than a year ago.

The average house price rise in the UK over the last year is 5.8% which makes the Wirral area slightly above the national average.

House prices on the peninsula are still some way behind those in London, where the average home costs £475,000. In the London boroughs of Kensington and Chelsea, the average house costs a huge £1.4m.

The house price rise is good news for Wirral residents who already own their own home, but means that people who want to buy their first home will need to save longer for a deposit.

Fortunately for first-time buyers in the Wirral area, there are affordable housing schemes for both new and old properties which allow houses to be purchased at below market prices.

If you own your home, you can take advantage of your house price rise by remortgaging the property. This can be done to release equity tied up in your home, or you can remortgage for a mortgage at lower interest rate in order to reduce your mortgage payments. There are also lifetime mortgages and home reversion schemes that enable you to access the money tied up in your house.

For help about all types of property finance, talk to Endeavour Financial Planning – your first choice for independent financial advisors based in the Wirral.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Sources used: http://www.wirralglobe.co.uk/news/15219502.Official_figures_show_house_prices_have_risen_by_6__in_Wirral/ https://www.moneyadviceservice.org.uk/en/articles/equity-release http://www.ownplace.org/affordable-housing-scheme/