2017 see equity release market hit £3bn
Recent research has revealed that the amount of equity released last year broke the £3 billion barrier.
According to Key Retirement, over £8.2 million was released to retired homeowners per day in 2017, with the average pensioner cashing in on £77,380 through their property.
Last year also saw the total value of equity released from properties rise by 40% annually, hitting £3.014 billion. Where equity release market is concerned, this is the fastest growth rate on record and marks the sixth consecutive rise that the total value has seen. Since 2014, the market has more than doubled.
Running parallel to the market growth was the rise in the number of plans sold last year, increasing by 41% up to 38,955. This can be compared to the previous year which saw 27,666 being sold to those releasing equity from their properties.