Retirement Advantage responds to new Equity Release Council lending statistics
Retirement Advantage has responded to new statistics from the Equity Release Council, which reveal that equity release lending hit an all-time quarterly high in Q2 2017 – up 36% from the same time last year1.
Alice Watson, Head of Marketing at Retirement Advantage Equity Release, commented:
“Another record quarter reflects an equity release market going from strength to strength. For many over-55s, property is their biggest pot of wealth. At the same time, as concerns grow that pensions savings alone won’t provide the income needed in retirement, it makes good sense to take a holistic approach to retirement planning and weigh up the role of property alongside other assets. Clearly the approach is catching on, as new customers are flocking to equity release in their droves.
“We also know from our own research that the majority of people want to stay in their properties when they retire, and the fact that equity release lets you do that is a popular draw.
“The sustained growth of equity release comes as it evolves and innovates to better suit customer needs. Providers are listening to customers and financial advisers and recognising that the products on offer need to be flexible enough to cater for a growing range of circumstances, but also to provide the stability and certainty many crave.
“The challenge for equity release providers, if this growth is to be sustained, is to continue to innovate and develop products which will evolve to meet the needs of older property owners.”