Canada Life has responded to figures released today by the Equity Release Council, which show a seventh consecutive year of growth and an annual lending total of £3.95billion in 2018. The figures also show a second successive billion-pound quarter with the Q4 2018 total 29% greater than the equivalent quarter in 2017.
Alice Watson, Head of Marketing and Communications at Canada Life Home Finance, said:
“Seven straight years of growth is evidence of the evolution of the equity release market, with the sector almost doubling in size to £4billion in just two years.
“This growth is evidence of the great strides the market has made to bring equity release into mainstream financial planning. And while there is still work to be done, today’s figures suggest that more people than ever are exploring their financial assets in a holistic manner.
“In order for equity release to sustain its success, it is crucial that customers continue to understand the role property wealth can play in retirement planning. Lenders have a responsibility to innovate and support advisers in the growing market. But the future success of equity release relies in large part on the sector pulling together to demystify the products and features, and continuing to win consumer confidence.
“These are historic figures for the equity release market. If the industry continues to work together to meet evolving needs, customers and advisers will continue to act as the engine for growth.”