Research by the Equity Release Solicitors’ Alliance also revealed a drop of 16% in the number of people saying they definitely won’t use it down to 27% from 43%.
Third quarter figures from Safe Home Income Plans reported new advances from members were up 12% to £206.2m from the previous quarter.
A third said they were made aware of equity release through word of mouth recommendations up 13% over the past year. A further third said they were made aware of equity release through adverts and 32% said they were made aware through reading articles.
Claire Barker, chairman of ERSA, said: “This research shows that 2011 has been a very good year for the equity release industry as both awareness and demand have grown significantly.
“Retirement issues have been prominent in the news, with rises in the pension age and cuts to public sector pensions particularly significant.”
Barker said that with people’s minds focused on how they would fund their retirement, equity release was one of the options that many people considered to help maintain a good standard of living.
She added: “The positive climate for the equity release industry looks likely to continue and presents a real opportunity for equity release professionals such as advisers and specialist lawyers.
“It is good news for the industry that word of mouth recommendations have risen over the past year as it shows that as the market has grown so too has its reputation but more qualified advisers would help to further boost the reputation of the market.”
