Canada Life has responded to figures released today by the Equity Release Council, which show the UK equity release market rose by 8% in Q3 2019 compared to the previous quarter, with £988 million of funding provided to homeowners aged 55 and over.
Alice Watson, Head of Marketing and Communications at Canada Life Home Finance, said:
“It’s great to see yet more expansion in the equity release market, with almost £1 billion of property wealth unlocked in the third quarter. This growth is especially positive given the wider political and economic malaise.
“With over 30,000 new customers taking out equity release this year, this is a real vote of confidence in the industry, and a sign that more people are viewing their wealth holistically. We think this is evidence that equity release is becoming an increasingly important tool in mainstream financial planning.
“Further market growth wouldn’t be possible without the kind of innovation that has continued to invigorate the industry, but the most successful products and services will continue to be those that meet customer demand.
“The industry must also ensure that advisers are given enough help and information – previous Canada Life research found that advisers ranked getting more support as the number one thing needed to make equity release more attractive and accessible in 2019. Combining adviser support with further product innovation will be key to fuelling further market growth.”