Almost 100 retired homeowners took out equity release plans per day in the first half of 2017 according to Key Retirement
Retired homeowners cashed in £1.25 billion of property wealth in the first half of 2017 at a rate of £6.9 million a day, according to new analysis from leading over-55s finance specialist Key Retirement.
The new record high for the equity release market means more property wealth was released in the first half of 2017 than all of 2013 when the market was worth £1 billion, underlining how important housing equity is to enhancing the standard of living in retirement.
Dean Mirfin, technical director at Key Retirement, said: “With nearly 100 retired homeowners a day releasing an average of over £70,000 each, the equity release market is making a major contribution to retirement standard of living.
“More property wealth was generated for pensioners in the first six months of this year than all of 2013, demonstrating how rapidly the market is expanding as record low rates drive more competition to the benefit of customers.
“The amount of money being released means that customers can afford to help themselves and families while also sorting out issues such as interest-only mortgage repayments and debts.”
Read the Key Retirement UK Equity Release Market Monitor report HY 2017 in full click here.
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