The equity release market has experienced its strongest first quarter since 2009, as demand and interest from homeowners continues to increase.
According to the Equity Release Council, the value of equity release plans taken out during quarter one of this year totalled £233.8 million, 17% higher than the same period last year and representing the highest quarterly amount seen since 2009.
Values of equity release plans also increased to the highest figure since 2002, up by nearly £7,000 over the same three months to £55,985.
Activity levels in the equity release sector have steadily improved as homeowners look to take advantage of increased property values and draw on increased housing assets to support themselves financially during retirement.
Chairman of the Equity Release Council, Nigel Waterman, said: "The fact customers are accessing an increasing amount of equity shows just how important people's housing assets are becoming to their financial wellbeing in later life.
"Recent parliamentary reports have flagged up the reality that many of our ageing population will struggle to meet costs in later life without a way to balance their books.
"In the absence of a magic wand from Government, they will want to make the best use of the financial assets available to them, the biggest of which is usually their home," he said.
For more information on Equity Release and the options available call our Advice service on: 01737 233462
Equity Release Advice Service
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