The value of new equity release business has fallen nearly 7% over the past twelve months, but is faring considerably better than the mainstream mortgage market.
However, figures released today by Safe Home Income Plans (SHIP) found business grew on a quarterly basis, with intermediaries accounting for a significant increase in policies sold. The total value of new business written in the three months to 30 September 2008 was £303.3m, down 6.8% from £325m in the same period a year ago. The number of policies sold remained broadly stable, with 7,942 plans in Q3 2008 compared with 7,981 in Q3 2007. Business volumes and value increased on a quarterly basis, with the value of policies rising 10% from £275.7m in the second quarter, while the number of ...
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