Average property values among new lifetime mortgage customer are continuing to rise, according to analysis from provider Pure Retirement.

The lender saw an average property value in Q4 of £400,900, while a reduction from the mid-year peak of over £423,000 owing to the traditional Q4 seasonal lull in overall market activity, it still represents a 25% uplift in average house value compared to the £391,300 seen in Q4 2023.

39% of new business comes from properties in the £250,000-£399,000 value range, up from 37% in Q3. in addition 24% of new plans come from owners of properties valued at between £400,000 and £699,000; however, this represents a decrease from the 27% seen in Q3 and the 25% seen in Q4 of 2023.

Conversely, the proportion of new lifetime mortgages being taken out from owners of properties valued at between £700,000 and £999,000 is the highest it has been at any point over the preceding 12 months, accounting for 7% of the lender’s new business in Q4 2024 (compared to 5% in Q3 and 6% in Q4 2023).

Paul Carter (pictured), Pure Retirement’s CEO, said: “The latest quarterly figures demonstrate the variety of customers that lifetime mortgages continue to serve.

“Irrespective of the value of their property, many people continue to see lifetime mortgages as an effective route to reaching their financial goals, and we look forward to continue offering a range of lifetime mortgage solutions suitable for a range of circumstances.”