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Homeowners release £1bn of equity in Q1: Key
By Leah Milner 17
th May 2021 3:19 pm
Home owners cashed in on rising house prices by releasing £1bn in equity during the first three months of this year, up by 13% from £950m in the same period of 2020, according to the latest market monitor from Key.
Despite the increase in the value of equity released, the number of plans sold was down by 9.5% year on year from 11,423 to 10,341, as a smaller number of borrowers took out larger sums.
There was a significant increase in the average amount released, which was up by 25% from £83,242 to £103,710.
22
nd April 2021 3:21 pm
Equity Release Council members have re-elected Will Hale, Paul Turner and Dan Baines to the executive board for a further two years.
Key’s chief executive Hale, Just Group managing director of retail Paul Turner and Equity Release Associates managing director Dan Bains will remain alongside the 13 other main board members who are still part way through their current terms.
The Council has also appointed Answers in Retirement chief executive Stuart Wilson to its standards board, as well as James Ginley who is about to join e.surv as technical director in May.
The Council’s membership increased by 24% in the last financial year with the 600th member firm joining this month.
Equity release options widen as property wealth reaches £6tn
By Gary Adams 8
th April 2021 10:37 am
The number of equity release products available on the market grew by 100 in the second half of 2020, reaching 488 by the year’s end, says the Equity Release Council in its Spring 2021 market report.
This compares to the 202 products two years previously, says the ERC.
Additionally, the number of retirement interest-only products available reached 100 for the first time ever at the end of 2020.
While the above was happening, the total value of UK private property rose to £6tn – or £4.6tn with mortgage debt discounted. This, too, is a first.