Pensioners borrowed an average of £68,000, from both draw down and single sums, which is an increase of £3,500 on the same period last year.
The market is still emerging, however, with 11,007 plans agreed, with most homeowners using the cash for home improvements, to pay for holidays or to give cash to relatives.
The regional disparities in the amounts of equity released are notable with a £53,000 average in the North West against £142,000 in London.
Mortgage debt – including interest-only loans – is emerging as a major issue with 23% of customers paying off home loans with some or all of the money, compared to 20% for the same period of 2014. Around 29% also used the cash to pay off credit cards or loans.
The age of equity release customers has risen to 71 in 2015, from 69 previously – but homeowners are also wealthier thanks to house price rises with average property values rising 9% to £271,248 from £249,108.
Dean Mirfin, technical director at lender and adviser Key Retirement, said: “Property wealth is making a massive contribution to retirement planning and the equity release market is growing rapidly in response with double-digit growth.”
Mirfin said the cuts in pension allowances and contribution levels plus the review of pension tax treatment and the continuing house price inflation underline the retirement planning role of equity release.
The equity release resurgence is heavily weighted to the south with more than double the number of clients taking out plans in the south east, London and south west in contrast with East Anglia, the north west and east midlands.
The data showed around 63% of all sales were drawdown plans, including enhanced drawdown which offers tailored terms to people with health or lifestyle conditions.
Just 37% chose a lump sum single advance lifetime mortgage.
