The UK’s ageing homeowners are increasingly turning to equity release to access the wealth in their property.
The latest market report from the Equity Release Council reveals a 6 percent annual rise in equity release customers.
Couples are frequently more likely to use financial products to access their property’s worth. But, interestingly, a rising number of single people are now going down the same route.
Ageing homeowners access property wealth
According to the council’s figures, 64 percent of owner-occupiers in the UK are now aged 65-plus.
The figures show the nation’s homeowners are ageing. And, as a result, more owner-occupiers than ever want to use their property’s wealth. Their reasons for doing so include:
- Helping a family member get on the property ladder;
- Financing retirement;
- Fund home improvements.
Currently, the average age of those taking out a plan is 70, the same as last year.
The report reveals that, notably, more women than men in their 60s took out single plans in 2019. This could, in fact, be a reflection of the pension savings gap between men and women.
Responding to consumer demand
David Burrowes, chairman of the Equity Release Council, said: “The market is responding to consumer demand as it continues to evolve and grow.
“Increased product innovation and flexibilities are helping to meet a wide range of financial and social needs, from providing extra retirement income to passing on wealth to younger generations.
“Older homeowners considering equity release have therefore never before had more choice and flexibility.
“The market’s development has been driven by competition, reinforced by robust consumer protections and product safeguards.
“As the UK’s ageing population continues to grow, making use of housing wealth will be essential to help all generations meet the financial challenges they’re facing.”
Homeward Legal has equity release expertise
In the meantime, anyone considering accessing their property wealth should instruct a conveyancing solicitor quickly to deal with the legal work involved.
With this in mind, look to Homeward Legal and our nationwide panel of property law firms.
Their conveyancing solicitors specifically deal with equity release and have vast experience in this area.
Talk to our team seven days a week on 0800 038 6699 or get an instant, no-obligation quote for equity release conveyancing now.