New figures from SHIP (Safe Home Income Plans), which represents the major equity release providers, show that the total equity release market was 33 per cent higher in January to June 2002 compared with the same period last year.
And market leader Norwich Union saw its share of the market grow to 39 per cent.
This huge boost to the market continues the trend of the past five years. In 1997 SHIP reported that total equity release sales were £70million for the whole year. This increased by over 700 per cent to £572million in 2001.
It reflects the growing awareness amongst older property owners that they can enhance their incomes and lifestyle by unlocking cash from their homes.
Paul Stokes, head of marketing propositions for Norwich Union Equity
Release, said: " People are realising that equity release is good news, and once they have made the major decision to go ahead with it they are delighted with the benefits it provides. It can give them financial peace of mind later in life and help them maintain their standard of living at a stage when they have more time to enjoy it.
“And for IFAs it is a great opportunity to offer their clients a financial
product which they can benefit from immediately."
With more and more people remaining fit and active well into their
retirement, they are looking for ways of releasing cash so they can afford to enjoy their leisure time.
