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Equity release hits record high
23rd January 2018

More households than ever are taking out equity release loans – over 10,000 in the last quarter alone – pushing the 2017 total sum borrowed past £3billion for the first time ever.

The figures, released today (Tuesday, Jan 23) by the Equity Release Council, will come as good news to domestic retrofitters everywhere as being among the biggest beneficiaries of the phenomenon.

Lending via equity release plans in Q4 2017 amounted to over £838million, the highest level on record for any single quarter. This contributed to overall annual lending growth of 42% over £2.15bn taken in 2016.

 The final three months of 2017 also saw an unprecedented number of new equity release customers at 10,327, a 4% increase on Q3 and almost a quarter (24%) more than the 8,303 Q4 2016.

These increases meant the total number of new equity release plans agreed in 2017 was up 34% on 2016 from 27,563 to 37,037: the highest total on record and the biggest percentage rise since 2003.

David Burrowes, Chairman of the Equity Release Council, said: “The record-breaking demand for equity release over the past year is testament to the fact more consumers are changing the way they plan financially for retirement, and taking a broader range of options into consideration.”

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