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Older family members are expected to provide more for their younger relatives as a result of COVID-19, according to Claire Singleton, chief executive of Legal & General Home Finance. She said: “On average, an older family member already provides £113 each month, and following COVID-19, many expect to spend an additional £353 overall to help their family through the pandemic.” Singleton went on to explain that parents and grandparents often provide support for large one-off lump sums, such as housing deposits. However, she believes that the older generations are being increasingly relied...

Residential housing is currently the third-largest contributor to CO2 emissions, according to data collected by the firm. “As two-thirds of the UK’s housing stock falls below the C grade on Energy Performance Certificates (EPCs), we need to focus on making our existing stock more efficient,” according to Claire Singleton, chief executive of Legal & General Home Finance. Singleton went on to explain that a “few improvements can make a massive difference to the environment, the bills we pay and a property’s market value.” Installing an air source heat pump could cut a home’s CO2 e...

Money was mostly used to boost financial resilience or make gifts to family Many older homeowners in the UK have pushed back plans to sell their properties, but that did not stop them from turning to equity release during the pandemic. Figures by advisory firm Key show that over £3.4bn in property wealth was released last year. Even though this marks a fall from the £3.5bn ($4.8bn, €4bn) in 2019, it shows people are still using their properties as a source of wealth. The average sum released grew by 9.2% in 2020 to £84,919 – up from £77,735 in 2019. Drawdown remained the most popular ...