UK equity release market begins to recover.
Although the figures are not as good as in 2018 and 2019, they are the best numbers since the pandemic.
According to statistics from the Equity Release Council (ERC), the number of new and returning clients accessing their property’s wealth moved closer between April and June to pre-pandemic levels, according to statistics from the Equity Release Council (ERC).
The council’s data, released this week, showed that 20,352 people accessed their property wealth in April and July. By comparison, an average of 21,036 clients performed the same task each month in 2018 and 2019.
A press release from the ERC said that the recovery in abatement activity made the strongest recovery of any segment compared to the second quarter of 2020. Several customers climbed 67 percent, having been the most moderate part of the year market during the pandemic.
“The Equity Release market is showing stability that we haven’t seen in a long time.”
David Burrowes, ERC Chairman, said: “Judging by these latest figures, the equity release market is showing signs of stability and durability as the option to access real estate wealth opens doors for thousands of people to pursue your financial goals. We were used to more than 20,000 new or returning customers releasing capital every quarter in the two years before Covid-19 appeared.”
“We are now seeing activity levels steadily returning to that status quo, with some existing clients returning to make withdrawals that were suspended last year. The gradual recovery suggests that people are carefully weighing their long-term circumstances and needs, with the help of specialized financial and legal advice, and speculations about increased activity during the pandemic have so far proved unfounded.”
He added: “The steady recovery has been fueled by confidence in the broader housing market, where gains in house prices over the past year have put many homeowners more value at their disposal. The capital release has become a socially important means for one generation to help another, as well as to meet subsequent financial needs.”
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