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Equity Release Council membership up 46% in 2018

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  • 13/12/2018
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Equity Release Council membership up 46% in 2018
Membership of the Equity Release Council (ERC) has grown by 46% since end of 2017 to more than 300 member firms, reflecting the increasingly role of equity release and property wealth in later life planning.

 

The council said it has also seen a 38% increase in registered individuals over the same period, rising from 673 in December 2017 to now stand at more than 900.

It has recorded significant growth in two key categories of adviser and solicitor firm membership, with annual increases of 47% and 46% respectively.

In the 12 months to Q3 2018, more than 78,000 new and existing customers used their housing wealth to help meet diverse social needs, with lending in Q3 2018 surpassing £1bn for the first time in any single quarter.

ERC chairman David Burrowes said: “The continuing growth of our membership means consumers can benefit from best practice in the advice and products available from a market buoyed by competition, choice and consumer confidence.

“This year has seen equity release cement its place as a mainstream financial product and become a valuable tool in later life financial planning.”

 

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