Equity release advances have increased to the highest level in two and a half years according to the Equity Release Council (ERC).
Total advances of £224.8m were recorded in Q2 2012 - a 22% rise on Q2 2011 (£184.8m) and the biggest increase since 2009's Q4 (£231.7m). Andrea Rozario, director-general of ERC said: "This quarter has been the most successful period for the equity release market in two and a half years." The number of plans sold grew to 4,302 - 6% up on Q1 2012 (4,057) and 16% up on Q2 2011 (3,710). However, this is down from 4,399 (Q4 2011). Meanwhile, take-up of drawdown plans have increased to 68% of the market compared to 67% in Q1 2012. Lump sum mortgages make up a third (32%) of the market an...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
