GREATER Manchester is one of the most affluent regions in the UK when it comes time to kick back, relax and relish in the golden years after decades of work.

On average, those retiring in Greater Manchester are releasing up to £52,272 from their homes last year.

But it is not all about enjoying the money for themselves, as the increasing reliance on the bank of Mum and Dad is one of the reasons that retirees are releasing funds from their home.

This is a national trend that is very much evident in Greater Manchester, as soaring UK property prices increasing by 5.8 per cent, according to the Land Registry.

This means that parents, and even grandparents, are helping their family to get a foothold on the property ladder.

The research commissioned by retirement specialist Age Partnership found that while the most popular reason for releasing equity is to pay off any remaining mortgage — a requirement of releasing equity from your home — a generous 6 per cent want to help out family members.

Other reasons that retirees are releasing funds from their homes include; 4 per cent of people want a new car and 9 per cent simply desire a better quality of life.

Looking more broadly across the North of England, Northerners are releasing and average of £50,218 worth of equity from their homes, an increase of 10 per cent since 2015.

The rise in the amount of equity being released is in line with the national average which has already seen growth in Q1 of 2017 up by 77 per cent, according to the Equity Release Council.

This extra cash will go a long way in helping retirees fund the lifestyle they desire, and figures from the first quarter of 2017 indicate this trend is set to increase.