2018 was a strong year for equity release. Overall, home owners over the age of 55 unlocked a record £3.94 billion of property wealth during 2018 and an unprecedented £1.08 billion in the fourth quarter of the year, according to the latest data the Equity Release Council.
Of the 83,000 customers who accessed equity from their homes during 2018, over 46,000 were new customers including nearly 13,000 in the final quarter and the ERC says that the sector is being boosted by product innovation and safeguards.
The busy end to the year saw 12,891 new equity release plans agreed between October and December, contributing to an annual total of 46,397. Both these figures represent new highs and increases of 25% year on year, as more consumers look to wealth built up in property to support their finances beyond the age of 55.
Why is equity release becoming a popular option?
For many people, their retirement income is not enough to pay for life's expenses. Taking a sensible amount out of your property, while taking care to leave enough to loved ones, is becoming an increasingly popular move.
You don't have to sell your home, downsize or even give up any ownership to get money out of your property. Those who release equity are able to stay in the place they call home, while enjoying the extra cash.
Why are more people releasing equity each year?
Everyone has their own reasons, but it essentially comes down to wanting a more comfortable, enjoyable lifestyle:
Whether you're curious as to how much you can release, or you want to take the initial steps towards releasing equity, our expert advisers can point you in the right direction.