"2018 has seen equity release cement its place as a mainstream financial product and become a valuable tool in later life financial planning."
The Council has also seen a 38% increase in registered individuals over the same period, rising from 673 in December 2017 to over 900. Additionally, the Council says it has seen significant growth in two key categories of adviser and solicitor firm membership with an annual increase of 47% and 46% respectively.
In the 12 months to Q3 2018, ERC data shows more than 78,000 new and existing customers have taken out equity release, while lending in Q3 2018 surpassed £1 billion for the first time in any single quarter.
2018 also saw the expansion of The Council’s executive team, with the appointment of Jim Boyd as CEO in July to work alongside David Burrowes as chairman and Donna Bathgate as chief operating officer.
David Burrowes, chairman of the Equity Release Council, commented: More people than ever now see the logic in considering their property wealth alongside their other assets when they make financial plans for later life. The continuing growth of our membership means consumers can benefit from best practice in the advice and products available from a market buoyed by competition, choice and consumer confidence.
“2018 has seen equity release cement its place as a mainstream financial product and become a valuable tool in later life financial planning. Increased product flexibilities are giving older homeowners a wider range of options to suit varied circumstances, while staying true to the principle of consumer protection that has underpinned the market for nearly 30 years.
“As demand continues to grow, it is paramount that we maintain this consumer focus while improving understanding of modern equity release. Members are also committed to exploring new avenues and innovations to help people safely access their property wealth in retirement to meet fundamental social needs.”
