Two tier market emerging in equity release sector, new figures suggest
Property Wire reports “A total of £1.85 billion in housing wealth was unlocked in the first six months of 2019, in line with the same period last year but a two-speed equity release market has emerged, the latest figures show.
In the second quarter of 2019 as sales of new drawdown mortgages grew while take-up of new lump sum mortgages mirrored the first quarter of 2018, according to the figures from the Equity Release Council, the UK sector trade body.
Some 7,227 new drawdown lifetime mortgages were taken out in the second quarter by older homeowners seeking to release cash from their properties. This total was up 5% from the first quarter of 2019 and 2% from the second quarter of 2018.” Read more