The equity release industry has bucked market trends to record a rise in business volumes during the second quarter of 2008.
A report from Safe Home Income Plans (SHIP) members says the sector is affected by very different market forces compared with mainstream mortgage products. The volume of equity release business grew to £275.7m in the second quarter, up 14% from £242.7m. Andrew Rozario, director general of SHIP, says: “This success underlines the robust health of the equity release sector despite the impact of the credit crunch that is having such a negative effect on the mainstream mortgage market. “It also serves to highlight the distinctly different forces that drive the equity release market relativ...
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