27th October 2015
Equity release lending in Q3 2015 increased by £68.3m compared with the previous quarter, making it the biggest quarterly rise since Q2-Q3 2004 (£78.4m) as more homeowners over the age of 55 make use of their housing wealth to support their finances.
There were 6,049 new plans taken out in Q3 2015, representing a 12% increase on Q2 and the first time this measure has exceeded 6,000 since Q4 2008. The volume of new plans in Q3 was up 9% year-on-year, compared with 3% annual growth in Q2 and 2% in Q1.
Nigel Waterson, Chairman of the Equity Release Council, commented: “Appetite among over-55 homeowners for tapping into their housing wealth continues to grow. There is increasing awareness that equity release can offer many benefits in later life by providing people with extra income or the means to meet other costs and expenses.
“The months ahead will see important discussions with regulators and government about how to build on this foundation, so that where there is a need, more people can make use of what is often their biggest source of retirement wealth.”
Kevin Woods adds: “Our sector continues to grow and to innovate, with more and more products arriving into the Equity Release marketplace, so that there is a plan to suit everyone’s needs and most circumstances.”
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