Two-thirds of SHIP members said they had seen a 'marked increase' in advisers choosing to expand their portfolios to include equity release during 2007.
With total business for SHIP members expected to reach £1.279 billion by the end of 2007, an 11 per cent increase on full year figures for 2006, SHIP members predicted that the total for 2010 could reach £2.19 billion.
Areas of the market predicted to show growth next year include home reversion schemes and flexible drawdown options.
Over 40 per cent of members believe that, following Financial Services Authority (FSA) regulation of home reversion products in April 2007, the proportion of business from these products will increase by the end of 2008.
Over 70 per cent of members surveyed also reported flexible drawdown as the most popular product feature of 2007 and believe lifetime mortgage drawdown options will account for 56 per cent of all equity release products sold during 2008.
Andrea Rozario, SHIP director general said: “The reported increase in independent advisers entering the equity release market during 2007 is encouraging and has been noticeable to a lot of SHIP members. With full regulation this year the market now has a level playing field and offers a wealth of opportunities to advisers.
“However, as members have noted, the importance of SHIP as the industry body has never been more important. With a fully resourced new management structure now in place, I hope SHIP will be able to encourage more advisers into the market. We intend to support them with the necessary information to maximise and support their business in an ever growing market place.”
