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Could Increased Cost Of Living Raise Interest In Equity Release
15/10/2010
The Consumer Price Index registered a drop to 3.1 per cent in July from 3.2 per cent in June. The Retail Price Index also dropped from the 5 per cent recorded in June to 4.8 per cent in July.
Personal finance adviser CashQuestions.com say people could be looking at equity release as a means of tackling the rising cost of living. Although inflation rates dropped slightly in July, living costs are on the rise.
Editor of the website, Annie Shaw, welcomed the decline in inflation but warned that it was leading to a rise in personal rates of inflation for individuals. She said; "We are seeing huge increases in the price of some foods and other things, like oil prices, have been very volatile." She added that is was becoming increasingly impossible for people on higher income tax bands to overcome inflation through their savings.
Homeowners aged over 55 years who are concerned about the cost of living and would like to know how much money the value of their property could release, can find out by contacting therightequityrelease.co.uk for equity release advice.
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