The value of new business written was £251.4 million, 3.3% ahead of the first quarter in 2004 (£243.3 million). On an annualised basis, new business is now equivalent to £1.2 billion.
The value of Lifetime mortgage business written was £238.1 million, 95% of the total, while the value of Home Reversions written business was £13.3 million, 5% of the total.
Jon King, Chairman of SHIP said:
“This quarter’s figures represent a good start to the year, against a background of weak general mortgage lending, with business ahead of the comparable prior year period. The first quarter traditionally sees the lowest levels of equity release business written, because equity release is a product taken out after several months of advice and consideration – which often starts at the beginning of the year.”
He continues: “Going forward we expect further strong growth in 2005, as the increasing stability of property prices, and the addition of high profile new providers and products to the market, stimulates continued consumer interest in equity release.”
