Demand for equity release falls

However, the average amount of equity released by homeowners has grown and the popularity of drawdown plans continues to grow. The latest KRS market monitor found the total number of equity release plans sold in Q1 2008 was 6,009, down 16% from 7,196 in the final quarter of 2007. Dean Mirfin, business development director at KRS, comments: “Gross lending on traditional home loans is down 6% year on year in February alone, and it is unsurprising that we have also seen a slight downturn in the number of equity release plans taken out across the whole of the first quarter this year, compared...