Equity release sales rose at 31.1% year-on-year, according to the latest data released by Equity Release Supermarket.
Although the South dominates the sales, the Northern regions grew the fastest with the North East rising by 117 % year-on-year.
This was followed by the East Midlands, Scotland and Wales, standing at 92%, 79% and 71% respectively.
On the other hand, the East Midlands led the way in growth measured by sales value, with 140% rise year-on-year, which is linked to the four per cent annual house price rise in the region.
The East Midlands was the second fastest growing region for house prices in 2018, with Northern Ireland leading at 5.8%.
Scotland followed the East Midlands with a 135% increase year on year, Yorkshire and Humberside came in at 91% and the North East at 89%.
London saw the smallest rise in plan sales, with a 19% rise. This is likely to be linked to house prices falling 0.8% year-on-year in the capital.
That said, the average house price in London at Q4 2018 is still 118% above the national average, standing at £466,988 versus £214,178.
Mark Gregory, founder and CEO of Equity Release Supermarket, said that this year has seen an exceptional growth in terms of both the number of plans sold and the value of these plans.
He added: “However, growth in the equity market is in stark contrast to the broader housing market, which continues to be weighed down by ongoing economic uncertainty.
“It will be interesting to see if these trends continue in 2019 as it could impact how equity release providers, particularly those with regional lending policies or those with ‘on the ground’ sales forces, manage their businesses in the year ahead.”