The Equity Release Council has revealed its Q2 and full-year lending figures for 2022 showing that activity in the market climbed 26% year-on-year to a new high of more than £1.6bn.
The total value of lending was 37% higher, according to the body. The total amount of property wealth withdrawn by customers surpassed the previous high of £1.53bn from Q1, resulting in a total of £3.13bn for H1 2022. A total of 23,910 new and returning customers withdrew wealth from their properties between April and June 2022, up 515 (2%) from 23,395 in Q1 2022 and 3,558 (17%) from 20,352 in Q2 2021. Lending homeowners aged 55 and over, took out 12,485 new equity release plans between April and June this year, equivalent to 205 new plans being agreed each working day, the Council...
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