Equity release market breaks Q1 record
£1.14bn accessed
The total value of property wealth accessed has hit its highest level ever for a first quarter, figures from the Equity Release Council have revealed.
The first quarter of 2021, which the UK spent largely in lockdown, saw £1.14bn accessed by 16,527 homeowners over the age of 55. This latest figure represents a 7% rise year-on-year from £1.06bn in Q1.
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Members of the Equity Release Council have voted for its expansion through reappointing three directors to its main board and widening its standards board membership.
Will Hale, chief executive of Key, Paul Turner, managing director of retail at Just Group and Dan Baines, managing director of Equity Release Associates, have all been re-elected to serve an additional two years on the council’s 16-strong executive board.
Stuart Wilson, chief executive of Answers in Retirement and James Ginley, who will join e.surv as technical director in May, have been elected to join the council’s standards board, expanding its membership to nine.