Equity Release Council market stats reveal positive trends
After a year of decline, the equity release market is showing signs of a positive turn. The latest figures for Q3, from the Equity Release Council (ERC), indicate a 10% increase in new customers and an 8% boost in total lending compared to Q2 2023.
According to Stephen Lowe, Group Communications Director at Just Group, although business levels are still lower than last year, there are hopeful signs of a turnaround. Q3 recorded the highest numbers of new customers and total lending for 2023. He said: “After the shock caused by the rapid rise in interest rates over the last two years, it is positive to see the Council highlight a recent reduction in the average lifetime mortgage interest rates. An ageing population means an increasing number of homeowners are heading into retirement each year. The over-65s are estimated to have £2.6 trillion of net housing wealth*. That offers a lot of firepower to those seeking ways to supplement their income, improve their living standards, pay off more expensive debt, or to generate lump sums for themselves or loved ones.”
“Higher interest rates are naturally making people cautious, but the fundamental drivers of growth remain as strong as ever. The range of options available makes it a difficult market for people to navigate alone. We urge people to seek out high-quality professional advice to ensure they consider all the alternatives available to them and choose the best solution to their individual needs.”
Read the full report here(Link to: https://www.equityreleasecouncil.com/news/q3-2023-equity-release-market-statistics/) and explore the tailored solutions in the Just For You Lifetime Mortgage (Link to: https://www.justadviser.com/products/lifetime-mortgages?utm_source=l&g&utm_medium=mortgageclubfocus&utm_campaign=ercq3report&utm_content=ltm) range to meet your clients' needs.
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