Based on the market's current rate of growth Bower thinks the market will cater for 11,000 equity release customers in five years' time, more than double the 5,700 seen in the fourth quarter of 2014.
Geoff Charles, chief executive of Bower, said: “Providing quality, expert advice to those considering equity release is absolutely fundamental, and the sector could be constrained by a lack of active qualified professionals if growth continues at the current rate.
“We need to tempt people back who may have left the industry during the recession, and do all we can to promote new advisers to pick-up the necessary qualifications, to make sure we can provide as much advice as possible to those who need it – customers.
“We are currently in the middle of a recruitment campaign to service our increasing customer enquiries and we urge advisers to contact us for more information.”
Bower predicts that the industry will need 1,580 equity release specialists by 2020 to cater for 42,100 equity release customers.
Charles added: “With the UK’s ageing population, and a growing reliance on the older generation to give financial support to help younger family members get on the housing ladder, the number of customers looking to take out equity release in 2020 could be even greater than our conservative estimate of 42,100.
“One thing is for sure, this sector is growing, and it will now hopefully grow fast. We expect equity release to become significantly more mainstream over the next few years as a result.”
