UK Money News
21st January 2008
Newcastle Building Society predicts equity release boom
The equity release industry in the UK is set to grow considerably over the coming weeks and months, according to the Newcastle Building Society.
The north-east-based personal finance services organisation expects to see the number of options available to consumers increase further in 2008, following reports from Moneyfacts that there were seven new entrants into the equity release market last year.
Furthermore, citing figures from Ship, the building society has indicated that the equity release sector was worth close to £1.27 billion in 2007 and that drawdown solutions proved particularly popular.
Bob Mottershead, from Newcastle Building Society, said: "The growing popularity of equity release is partly due to house prices rising by almost 200 per cent over the past ten years."
He added that "2008 will no doubt see more new and improved products in addition to new entrants to the market".
Meanwhile, in other personal finance news, the Building Societies Association has revealed that its members received around £16.1 billion worth of savings cash over the course of last year
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