Now could be a good time for those in retirement to consider equity release if they wish to generate some extra funds.

This is because, according to new figures from FindaProperty.com, the value of houses in the UK has gone up over the course of the year.

Data from the company showed prices have grown by 2.1 per cent since the beginning of 2011.

This represents an increase of £4,617, which is almost in line with the inflation rate of 2.2 per cent.

While Scotland has experienced the greatest growth of 6.3 per cent during the period, house prices in Wales went up by 0.1 per cent in the same timeframe.

Samantha Baden, property analyst at FindaProperty.com, said: "Since the beginning of the year, property prices have performed well, which is great news for homeowners."

This news means those considering equity release could make a significant amount of money from their decision.

These new figures support those released by Halifax earlier this month, as its July House Price Index showed a growth in property values last month.

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