Equity release market hits all-time high in 2016

January 24, 2017

A recent press release from Keyretirement.co.uk highlighted that retired homeowners withdrew more than £2.1 billion of property wealth last year 2016.

New analysis from leading over-55s finance specialist Keyretirement.com reveals  that the equity release market hits new all-time high in 2016 after fifth year of growth.

Dean Mirfin, technical director at Key Retirement (www.keyretirement.com), said:  “The equity release market has broken through the £2 billion barrier for the first time and has more than doubled in value in just five years, highlighting how property wealth is making a huge contribution to retirement planning.

“The average amount being released by retired homeowners at nearly £78,000 underlines that property wealth can help with a number of issues for customers, ranging from improving their homes and going on holiday to helping family and clearing debt.

“With more than 1 in 5 releasing equity from their homes are repaying mortgages and with 2017 being the start of the first major wave of interest only mortgage maturities we expect demand from those with a shortfall to repay the capital, or no means at all, to turn to equity release as a solution which will further drive demand.

“Rate cuts across the market and the launch of new solutions demonstrates that the market is responding to the growing need for alternatives to traditional retirement income solutions which are being squeezed by historically low interest rates.”

Read the press release from Keyretirement.co.uk in full click here

Allen Walkey

Highly experienced businessman with a successful career in property sales and investment both in the UK and abroad. Now a freelance writer and blogger for the property and Investment Industry, keeping readers up-to-date with changes and events in a rapidly changing world.

You May Also Enjoy

Home and Living

How homeowners can fight back against rising energy bills

New research from Yopa warns that millions of homeowners are set to be hit with a 14% jump in energy bills this summer, wiping out recent savings and piling fresh pressure on household finances. In response, Yopa has analysed which home improvements are most effective at reducing energy use, looking at both the typical savings delivered…
Read More →
Breaking News

Homes selling as fast as last year

First time buyers in outer London hit hardest as higher borrowing costs and  high stamp duty costs weigh on sales times   The average time to sell a home is just 1 day longer than last year at 33 days, despite higher mortgage rates and 2 months of conflict in the Middle East However, areas…
Read More →
Estate Agent Talk

How to Pick the Ideal Utilities for your Business

Sorting out utilities might not be the most exciting part of running a business, but it is one of those things that quietly affects everything else. Whether it is your electricity, gas, water or internet, these services keep your business moving day to day. Getting them right can help you stay in control of costs…
Read More →
Letting Agent Talk

Advice for London landlords and tenants ahead of the Renters’ Rights Act implementation

Phase one of the Renters’ Rights Act (RRA) comes into force on 1 May 2026, and with it brings about the most significant overhaul of the private rental sector in a generation. While the Act will see new responsibilities introduced, it will also offer an opportunity for landlords to strengthen their practices with a clear…
Read More →
Estate Agent Talk

Budget-friendly ways to boost your chances of a successful spring house sale

With many households feeling the pressure of changing global economic conditions, tighter finances, and the high costs associated with moving, such as Stamp Duty, legal fees and removals, selling a home can currently feel like challenge. At the same time, spring traditionally brings a surge in buyer activity. Longer days and better weather tend to encourage more viewings,…
Read More →
Letting Agent Talk

Expert Reacts To Renters’ Rights Act Ahead of Changes This Week

The Renters’ Rights Act comes into force this week (1st May), introducing major reforms to tenancy structures, eviction rules, and tenant protections across England. The changes will reshape how landlords manage properties and how tenants experience private renting, with significant implications for student private rentals and the wider rental market. Ahead of implementation, Owen Dixon,…
Read More →