Just Retirement equity release sales down 6.7pc

Rodney Cook, chief executive officer of Just Retirement, attributed the decrease to the impact of volatile market conditions and economic uncertainty on customers’ purchasing patterns.

He said: “We remain convinced that this market has significant long term growth potential that will become more apparent as other distributors with strong consumer brands enter the market and as further innovation materialises following the proposals outlined in the Dilnot report.”

The equity release provider also reported a third quarter increase of 35.8% in total group sales to £333.4m which was underpinned by a 52.7% increase in annuity policy sales.