New research has suggested that the equity release sector could hit £3 billion for the first time in a single year.
Having passed the £800 million mark in Quarter 3 – the highest amount reached in a single quarter – the Equity Release Council predict that the sector is on track to break yet another record.
Mirroring the growth in demand and boosted by new market products, the Council state that their membership year-on-year has risen by 23%, with the number of individual members increasing by almost a third (31%).
Commenting on the Council’s figures as well as the general forecast for the sector was David Burrowes. The Chairman of the Equity Release Council stated: “2017 has been a watershed year in the life of the equity release sector. The growth in numbers and diversity of The Council’s membership is testament to both the rigorous safeguards and product innovation within the market, that are increasingly helping to move housing wealth into the mainstream as a tool for financial planning in retirement. Property is, for many people, their largest asset and has the potential to play an even greater role in the future of retirement funding.
“I am eager to build on this momentum and look forward to engaging with our growing membership to ensure the sector is able to realise its potential, while maintaining product safeguards that are fit for purpose. Further collaboration with the broader late life industry is also vital to deliver the best customer outcomes.”
