There have been annual and quarterly increases in the average property value among new lifetime mortgage customers in the thread quarter of 2024, according to research from Pure Retirement.

The lifetime mortgage lender says this rise highlights the diverse audience base currently being served by “flexible, modern” lifetime mortgages.

According to the lender’s data, the average property value increased on both a quarterly and annual basis and is at among the highest level they’ve recorded for a single quarter. At £423,434, the average Q3 house value among new customers represents a 4% annual increase (from £406,805 in Q3 2023), and a 3.2% increase on a quarterly basis (up from £409,811).

Pure Retirement says this represents a noticeable shift even after factoring national house price increases – according to Nationwide’s house price index this rose 2.5% annually and 0.7% quarterly – meaning that the average house price value among new lifetime mortgage customers has risen nearly five times as fast as the national average over the last quarter.

The majority of cases continue to come from owners of properties valued at between £250,000 and £399,999, which account for 37% of new plans. Owners of £1m+ properties remain static in accounting for around 4% of all new initial advances.

Paul Carter (pictured), Pure Retirement’s CEO, said: “These latest figures continue to underline the importance of developing later life lending products that meet a diverse range of audience profiles and needs.

“Additionally, they also underline the ways that these products continue to be seen as a viable and attractive means to achieving financial goals from people across the wealth and property value spectrum.”