Equity release market continues to grow

The amount of money people are releasing in equity has gone up in the last few months.

Over 50s have contributed to a surge in the amount of money released in equity, new figures have revealed.

According to Safe Home Income Plans (Ship), there was a 1.3 per cent increase in equity release market value between April to June 2009 and the following three-month period.

This means that during the three months to September 2009, more than 236 million was released in equity.

While this figure is 22 per cent down on the previous year, Ship has welcomed the findings as a sign that the equity release market is still holding up.

"This has been a challenging quarter in a difficult year," said Andrea Rozario, director general of Ship.

Figures also showed that the number of new equity release customers slumped by 2.5 per cent quarter on quarter.

Ms Rozario said this is partly because of a lack of liquidity in the overall mortgage market.

This comes shortly after she predicted that equity release would soon become a mainstream retirement planning option.

To view businesses and services in our Equity Release section click here

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