Ongoing market turbulence may mean that diversification is the order of the day, but brokers appear to have been branching out into the equity release arena for longer than just the past few months.
Intermediary sales accounted for 18,531 of the 29,293 new policies sold in 2007, with direct sales dropping off to just 10,762, showing the growing need for competent advisers within the sector.
Indeed this is supported by the overall equity release business growth, with the total written for the whole of 2007 standing at 5 per cent higher than the previous year at £1,210.4 million.
SHIP's most recent data also supported this expected surge in demand, after 41 per cent of intermediaries said they expected the sector to grow in 2008.
Product-wise, both drawdowns and home reversions saw solid growth, the former nearly doubling in popularity.
April's full regulation will no doubt have a part to play in the level of growth within the sector, and prove to stimulate it even further as retirees' eyes are opened to the possibilities equity release could open up.
SHIP's director general, Andrea Rozario firmly backs this, saying that rising personal debt and inflation in the face of squeezing pension funds will really drive home how important equity release could be.
"The choice of products and the competitiveness of rates has never been greater," she stressed. "And, against a more uncertain housing market, the value of SHIP members’ product guarantees will offer complete reassurance to equity release clients."
SHIP represents over 90 per cent of the equity release sector today, with membership guaranteeing that customers are protected from negative equity and are able to stay in their own home.
