Safe Home Income Plans (Ship) has reported steady growth in the equity release market with the total value of new business written standing at £279m for the first quarter of 2006, an 11% increase on the same period last year.
The year on year value of written lifetime mortgage business increased 9.2% from £238.1m in the first quarter of 2005 to £260.1m in the first three months of 2006. But comparing quarter on quarter, the value of new lifetime mortgages increased less dramatically, on a rolling year basis, from £1.04bn to £1,07bn, an increase of 2.1%. Home reversions continues to grow strongly, accounting for £18.9m worth of new business, a 41% increase on the last quarter of 2005 figure of £13.4m and 42% up on the equivalent quarter last year (£13.3m). Drawdown plans now account for almost 20% (19.1%...
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