The increased popularity of equity release so far this year further demonstrates greater flexibility and a property market where growth has far outstripped inflation. Retirees are becoming more aware of the opportunities that are available to them and are looking to enjoy life again after two years affected by the pandemic – realising gains from rising house prices can make a major difference to people’s quality of life.
Latest figures show that in the first three months of 2022 there was a 14% increase in finances being withdrawn from UK property compared to the previous quarter, with the number of both new and returning equity release customers – 23,395 – representing a new quarterly record.
The Equity Release Council chair, David Burrowes, says of the current trend: “The popularity of equity release so far this year is the natural result of modern products offering greater flexibility and a property market where growth has far outstripped inflation.” Industry analysts predict that until inflation starts to ease, the number of older borrowers using lending to reduce the pressure on everyday expenditure will also continue to increase.
Steve Padgham, Head of Mortgages at The Financial Planning Group explains that; “As an experienced Financial Adviser, my role is always to guide borrowers towards the best solution for their exact financial needs and to show my clients every option that is available to them. We are proud of our record of helping our clients achieve greater clarity with their financial situation and, with an office in central Teddington, we are able to offer local people a bespoke service right on their doorstep.”
If you’d like to discuss the best options available to you, or a member of your family, please do not hesitate to contact Steve Padgham at The Financial Planning Group via e-mail at Steve.Padgham@fpgonline.co.uk or by calling 020 8977 7090.