Equity release adviser sales up 25%

The figures also show growing new business throughout last year and SHIP says it expects equity release to prosper in 2008, despite problems in the mainstream mortgage market. New business written in 2007 reached £1.21bn, up 5% from £1.154bn in 2006, while the number of new policies rose 5.5% to 29,293. The figures reveal intermediaries have become increasingly involved in equity release sales, with 14,799 cases submitted in 2006, rising 25% to 18,531 in 2007, or 63% of all policies sold. Both drawdown schemes and home reversion plans showed strong growth, with drawdown schemes almost do...