Retirement services provider Just Retirement has reported that the value of new equity release rose 7.4 per cent in the last three quarters, as more homeowners plug the savings and pension gap with cash from their properties.
In the nine months up to the end of March Just Retirement saw equity release
sales worth £119.2million, compared to £110.0million for the same period in 2008.
The third quarter saw sales rise slightly, by 0.8 per cent, from £37.1million to £37.4million.
While total sales at Just Retirement for the third quarter of the financial year were lower than the same period the year before, its CEO Mike Fuller said the company "expects total sales for the fourth quarter to exceed £200million, for the first time", with "equity release business making steady progress from the level achieved in the third quarter."
"Overall, Just Retirement goes into the final quarter of its financial year with confidence. We have maintained our leadership position in enhanced annuities and our place as a top three provider of equity release mortgages," he said. "I remain confident in the outlook for the current financial year."
The company also said in its trading statement that demand for equity release remains satisfactory in light of falling house prices and consumer reaction to the current economic conditions.Equity release can help homeowners by enabling them to unlock value from their homes without having to move. But it is not right for everyone, so see if it suits your circumstances by getting no-obligation equity release advice from an expert.
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