A Record-Breaking Number of Equity Release Customers Gained Access to Property Wealth in the 1st Quarter: ERC

ERC Shows a Record Number of Customers Using Equity Release

It’s Clear From Data Release by the Equity Release Council That the Industry Is Expanding Rapidly. Is It Time for You to Unlock the Key to Your Dreams? Discover More Now...

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A Record-Breaking Number of Equity Release Customers Gained Access to Property Wealth in the 1st Quarter: ERC

The equity release industry is exploding with the first quarter of 2022 showing immense promise for another record-breaking year.

We’ve got the scoop!

23,395 New & Returning Equity Release Clients

According to the most recent Equity Release Council data1, new and returning equity release clients hit a record quarterly high of 23,395 between January and March of this year.

This level is up from 19,975 in Q4 2021 and 16,527 in Q1 2021, when pandemic limitations were still in effect, and it’s the first time overall client numbers have surpassed 23,000 in any quarter.

£1.53 Billion in Property Wealth Accessed

Customers unlocked £1.53 billion in property wealth in the first quarter of 2022. This was up 14% from £1.34bn in Q4 2021 – the previous busiest quarter on record – and 34% from Q1 2021.

The number of new plans approved in Q1 2022 was 12,174, a 21% rise year on year from 10,030 in Q1 2021, down 9% from the previous year due to pandemic circumstances.

Drawdown Lifetime Mortgages Are Still the Most Popular Equity Release Plan

According to the report, drawdown lifetime mortgages remained the most popular choice with new clients (54%), while lump sum lifetime mortgages were chosen by 46%.

During the first quarter of 2022, 9,450 current clients with drawdown lifetime mortgages returned to withdraw money from their agreed reserves.

This increased from 7,571 in Q4 2021 and 5,566 in Q1 2021, but it remains below the pre-pandemic peak of 9,805 in Q1 2020,

with this segment of the market being the most restrained in the previous 2 years.

A Word From the Equity Release Council

“The popularity of equity release so far this year is the inevitable outcome of contemporary solutions allowing greater flexibility and a property market where growth has well outstripped inflation, coupled with an ageing population,” said David Burrowes2, head of the Equity Release Council.

Got Questions? Check These First

When Was the Equity Release Council Established?

When Was David Burrowes Announced Chairman of the Equity Release Council?

When Are Equity Release Interest Rates Believed to Come Down?

In Conclusion 

There has never been a better time to release equity from your home than in 2022; with record-breaking wealth unlocked, why not get in on the action? 

Editorial Note: This content has been independently collected by the SovereignBoss advisor team and is offered on a non-advised basis. Sovereignboss may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.

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As Featured In
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