UK Money News
17th July 2008
Homeowners flocking to equity release loans
More and more homeowners opted for equity release loans during the second quarter, new data has revealed.
Safe Home Income Plans (Ship) has confirmed that a total of £275.7 million of equity was released from UK homes during the second quarter.
This represents an increase of 14 per cent from the first quarter when the figure was £242.7.
The figures buck the trend in other sectors of lending, which have been subject to a dramatic slowdown in the face of the credit crunch.
Andrea Rozario, director general of Ship, said: "This success underlines the robust health of the equity release sector, despite the impact of the credit crunch that is having such a negative effect on the mainstream mortgage market.
"It also serves to highlight the distinctly different forces that drive the equity release market relative to the mainstream market, including the fundamental pressures of the UK's ageing population, falling levels of pensions contributions and the very high levels of personal wealth held in housing equity."
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