Demand for equity release strengthens in H1

In its equity release market monitor, it said that 10,488 plans were sold in H1, up 5% compared to the same time last year, while the value of lending rose by 3% to £463m compared with £449.1m in the same period of 2010. It added that customers benefitted from the use of the drawdown facility, which accounted for 75% of sales in H1, compared with 72% in 2010. Dean Mirfin, group director at Key Retirement Solutions, said: "The really significant fact which the industry has overlooked is that drawdown has changed the market forever. "If factored into total sales, it would take us bac...