Safe Home Income Plans (SHIP) has reported a 22% year-on-year fall in business volumes despite a 5% increase in new customers in Q2 2009.
The equity release industry body has revealed the number of new equity release customers rose by 5% from 5074 in Q1 2009 to 5328 in Q2 2009. Although quarter on quarter customer figures showed some signs of renewed optimism, market volume was down by 22% from the same time last year with 5328 plans in Q2 2009 against 6864 in Q2 2008. The number of drawdown sales also increased by 14% from 2376 in Q1 2009 to 2699 in Q2 2009. Drawdown mortgages now account for 51% of the market. In line with their popularity levels, the average amount released fell from a high of £48,287 in Q1 to £43,71...
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