Equity release drawdown tops £260m in Q3

Key Retirement Solutions (KRS) estimates people who have already accessed equity release still have a further £118m available to be withdrawn from their properties. Sales of equity release plans across the market rose 3.8% year-on-year to 5,791 in the three months to 30 September 2011. The average amount released during the quarter was £41.887, a slight increase from Q3 2010 when the average was £48,884. Dean Mirfin, director at KRS, said: "The drawdown effect means total lending including the unused facility is more than £1 billion for the first nine months of the year confirmin...