Another record quarter for equity release activity in Q4 has pushed last year's annual lending growth in the sector to its highest level since records began, according to figures from the Equity Release Council.
The total amount of housing wealth unlocked by over-55 homeowners reached £3.06bn in 2017 - the first time it has exceeded £3bn in a single year. The year-end figures represented a growth of 42% compared to £2.15bn during 2016. In Q4, equity release lending plans totalled more than £833m, the highest level on record for any single quarter. The final three months of the year saw more than 10,000 new equity release customers, the first time this has happened in a single quarter. These increases meant the total number of new equity release plans agreed in 2017 was up 34% on 2016, from 27...
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
