Equity release market could top £1bn in 2013

The value of the equity release plans increased from £366.5m in the first half of 2011 to £473m in the same period of 2013. The total value of plans in 2013 so far are 12% higher than last year and the ERC has suggested the annual market value could top £1bn. Intermediaries were responsible for almost all completions – nine in ten borrowers used an independent financial adviser in the first half of 2012 and this proportion increased to 93% in 2013. By contrast, intermediaries accounted for less than three-quarters of equity release product sales in 2008. Age Partnership equity release...