View more on these topics

Average equity released topped £80,000 in September


The average equity released by homeowners topped £80,000 in September, according to Responsible Equity Release.

The firm says homeowners are taking advantage of falling lifetime mortgage interest rates.

Last month, UK homeowners released an average of £86,361 from their properties.

Property owners also agreed an average additional borrowing facility of £43,385.

That took the average equity release plan amount in September to just under £130,000.

Q3 saw the total amount of equity released by homeowners rise 40 per cent on the previous quarter.

In London the amount of equity released by individual homeowners was £219,221, up 13 per cent from August.

Up almost two thirds, Northern Ireland saw the biggest rise in the average amount released in September (64 per cent).

Responsible Equity Release managing director Steve Wilkie says: “Although the Bank of England has indicated that an interest rate rise is imminent, the reality is that even a 1 per cent rise, which is unlikely in the short term, will repair the damage suffered by Britain’s pensioners who have seen their savings deliver very little income over the past decade.”


Equity Release Council appoints new chairman

The Equity Release Council has appointed David Burrowes as its new chairman. Burrowes replaces Nigel Waterson, who is stepping down after nearly six years at the trade body. The new chairman is a lawyer and former Conservative MP. During his twelve years in Parliament Burrowes was Parliamentary private secretary to three cabinet ministers. He was […]


AIR Sourcing joins Equity Release Council

AIR Sourcing has joined the Equity Release Council, it has announced The sourcing system for equity release and retirement lending products was launched in May 2016 and has 2,000 registered users. The system allows advisers to search for products using a unique research filters tool. The company says it will be looking to feed into […]


News and expert analysis straight to your inbox

Sign up