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Retirement planning behind equity release lending rise – Rozario

by: Fiona Murphy
  • 18/10/2012
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Retirement planning behind equity release lending rise – Rozario
The Equity Release Council reported an 11% increase in equity release borrowing in Q3 2012.

Total advances reached £248.9m in the quarter compared to £224.8m in Q2 2012 -a 21% increase from the same period last year when the figure stood at £206.11m.

Andrea Rozario, director general said: “All the signs support the fact that people will need to factor in their housing equity when they plan for their retirement and the recent upsurge suggests this message is being heard.

“Today’s figures highlight the fact that the market is firmly back on track for sustained growth.”

This is the largest amount of equity released since Q4 2008 at £274.1m. Meanwhile, the number of plans sold increased from 4,302 in the second quarter to 4,777 in Q3.

Rozario added: “If we see more than £200m worth of equity released in Q4 – something that we are on track to do – then this year we will outperform both 2011 and 2010.

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