House prices hit equity release sector

In its latest Equity Release Market Monitor, Key revealed the number of plans fell by 7% which it attributed to the effect of falling property. Total Lending fell 24% from £240m to £183m, as a direct result the average loan amount has fallen by 15.33% to £44,948. The average property price in all regions of the UK has fallen dramatically with falls a high as 26% in East Anglia, 24% in Scotland and 20% in the East Midlands. London fared best with a 6% fall. With such dramatic property value changes the equity release market could not be unaffected. Dean Mirfin, group director at Key, said ...