Simon Pook, Head of Residential Property
-Equity release is becoming an increasing popular choice for retirees or those close to retirement for releasing cash to help in later life. This article details the statistics on how much this trend has grown in the last year.
The Equity Release Council has confirmed that the total value of equity release lending surpassed £2bn for the first time in 2016.
Overall lending reached £2.15bn for the year, an increase of a third (34%) on 2015 with an additional £542m of lending activity: double the rate of growth from 2014 to 2015 (16% and £225m).
The sector also finished the year on a record quarterly high as lending increased 51% to £670m year-on-year across the last three months of 2016, from £445m in Q4 2015
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