The equity release market moved closer to £1bn of activity in a single quarter as homeowners aged 55 and over unlocked £971m from their homes in Q2 2018, according to figures from the Equity Release Council.
Total lending between April and June increased by 12% compared with the first quarter of 2018 (£870m) and by 39% year-on-year from Q2 2017 (£701m). The quarterly increase was broadly in line with the average 11% growth seen from quarter to quarter since the first three months of 2016. The steady growth is a result of increased demand - the total number of customers served during Q2 rose by more than a quarter (27%) year-on-year, from 16,022 in Q2 2017, to 20,326, up 9% from Q1 2018 (18,586). As a result, total lending in the first half of 2018 reached £1.84bn, up 32% on the first six ...
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