£7m of equity released daily
New figures have indicated that the ongoing momentum in the equity release sector is yet to subside.
As increasing numbers of people recognise the value of releasing funds from their home, the sector continues to produce record-breaking figures. This is reflected in market data which estimates that there is a total of £7 million being released on a daily basis.
Indicating the demand for this method of releasing wealth in later life, the figures also reveal the average amount that homeowners are releasing, giving an approximate figure of £73,610.
During the first three months of 2017, around £633 million worth of equity was unlocked, equating to around £7 million every single day. In comparison to the corresponding period last year, this represents a growth of 53%.
The scale of the equity release market is growing at a rapid pace, with the role that housing wealth plays in later life experiencing significant growth. This rise was highlighted by Dean Mirfin, Technical Director at Key Retirement.
As well as addressing the wide range of solutions that equity release can offer consumers, Mr Mirfin also suggested the vitality of support that low rates can give to those planning for retirement.
He also drew attention to the potential rise in those releasing equity for different reasons, such as funding capital repayments. As a result, it becomes even more essential for lenders to consider equity release for their customers, in order to offer an alternative solution.
A joint project between several regional law firms, Equishield provide professional legal advice for Equity Release Mortgages across England and Wales. More information can be found on their website.