Latest figures show that the number of homeowners releasing equity from their properties continues to grow.
Nearly 5,000 new customers chose to release equity from their homes between July and September 2013 – representing a 7% increase when compared to the second quarter and up 4% on the same quarter in 2012, according to the Equity Release Council.
Meanwhile, the total value of equity release plans agreed during the third quarter of this year climbed to £284.1 million – 14% higher than the same quarter in 2012 and up 15% when compared to the previous three-month period.
This was the largest quarterly rise since 2004.
Additionally, each customer unlocked, on average, £57,107 from their homes over the quarter – the highest amount since the council's records began in 2002.
"As our figures continue to leap up quarter-on-quarter, year-on-year – the equity release market is very much alive," said Nigel Waterson, chairman of the council.
"With house prices rising month-on-month, but savings pots dwindling and the cost of living soaring, equity release can offer homeowners a way to take the stress out of retirement, whether it be to help with those outstanding debts or just ensure you can enjoy your later years."
Unlock a proportion of the value – or equity – you have in your home in exchange for a tax free lump sum.
Find answers to your questions with out Equity Release FAQ
Read our Guide to Equity Release
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