The equity release market has experienced its busiest quarter so far this year and its third busiest on record as older homeowners continued to access property wealth, Equity Release Council (ERC) figures have revealed.
The value of equity release funding to over-55s saw an 8% lift from £911m in the second quarter to £988m in the three months to September. In Q3, homeowners aged 55 and over unlocked £11m of property wealth each day. The figures also showed 11,419 new customers used property wealth to support their finances during this period, a 6% increase on the previous quarter. This compared to 33,000 new customers using property equity so far this year, which is greater than the total number of new plans agreed in any full year from 1991 to 2016. Supplementing pension income, providing a living i...
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
