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Equity release gains 'a sign of recovery'

18th October 2012 | back to article listings BACK    print this article PRINT

The market for equity release advances is expanding rapidly, according to figures reported by the Equity Release Council.

In comparison to the second quarter of 2012, the number of equity release advances issued was up by 475 to 4,777 in quarter three.

This marks the highest volume since 4,888 were recorded in quarter four of 2009.

The total value in quarter three amounted to 248.9 million, which represents an 11% increase on the figure for quarter two. It was also a substantial rise on the equity release value of 206.1 million recorded in the third quarter of 2011.

Experts hope that the rises will continue as residential investments begin to recover. Gains in equity release have been mirrored by an increase in the UK mortgage-lending sector.

The director general of the Equity Release Council, Andrea Rozario, said: "Q3 is traditionally one of the strongest quarters in the equity release calendar and today's figures highlight the fact that the market is firmly back on track for sustained growth."

Copyright Press Association 2012

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