Equity release used as 'back-up savings account' as average £80k unlocked in July - research

With the average UK salary just less than £28,000, the provider said homeowners released equity from their homes totalling almost three times the average annual wage in July. It said this represented a 158% increase in the total amount of equity released compared to July 2016 and a 10% rise on the amount released in June 2017. It found 41% more people took cash out of their homes in the last three months, compared to the three months prior. The market "shows little signs of slowing down", said Responsible Equity Release, as homeowners turn to property wealth to prop up savings acco...