The equity release market recorded its busiest quarter of the year – and third busiest quarter ever – in the three months to September.
Stephen Lowe,group communications directoratJust Group, said choice and flexibility is set to underpin future business growth.
“Consumers are benefiting from the combination of more competition with more product features to allow good value, personalised plans.
"Like many providers, we have overhauled and improved our solutions recently with the launch of the Just for You product range to keep Just at the front of a fast-moving sector.
“A measure of the pace of innovation and the emergence of new customer segments is that equity release plans now have 10 times more product features than just five years ago, according to the ERC.
“Home ownership levels are at their highest in later life and the average home value of an equity release customer is significantly higher than the average UK house price.
"Property wealth is set to provide an important source of funds for an increasing number of homeowners from right across the wealth spectrum in the coming years.”So far this year, over 33,000 new customers have chosen to access their property wealth via equity release. This exceeds the total number of new plans agreed in any full year from 1991-2016.