The number of wards in England & Wales with an average house price of more than £1 million has increased by 95% in just five years, from 23 in December 2015 to 45 December 2020, according to new analysis from Legal and General Home Finance (LGHF).

In response, LGHF has designed a new Premier Lifetime Mortgage offering for clients with £1 million+ properties to meet the changing needs of people at retirement who want to use property wealth to fulfil their goals.

LGHF’s analysis of Office for National Statistics (ONS) data demonstrates that, if property growth continues at its current rate, with house prices rising by more than 10%, up to 18 additional wards in England & Wales could be in the £1 million+ category – a 40% increase. While the majority of these areas are in London, many of the ‘new entrants’ in recent years are from outside the capital, such as Sevenoaks Kippington, in Kent; Gerrards Cross, in Buckinghamshire; and Woldingham in Tandridge, Surrey. With house price growth in London stagnating relative to the rest of the country this could see a greater number of areas outside the capital with a median local house price value of more than £1 million.

Legal & General already offers a range of products aimed at modern retirement planning including, Retirement Interest Only (RIO) Mortgage, Flexible Lifetime Mortgage and Optional Payment Lifetime Mortgage (OPLM).

Claire Singleton, CEO, Legal & General Home Finance, said: “The steady growth in house prices has come at a time when the societal need for more effective solutions at retirement is also on the rise. We know that people want to provide a living inheritance, support their family members or simply maximise their own retirement income.

“A greater number of people could benefit from taking advantage of their property wealth as part of their long-term plans. With more ‘property millionaires’ across the country, lifetime mortgages can be a useful tool to help you enjoy the retirement you want.”