Comments from Chris Prior, Manager, Sales & Distribution at Bridgewater Equity Release on the latest Equity Release Council lending figures for Q1 2015
24 April 2015
Chris Prior, Manager, Sales & Distribution at Bridgewater Equity Release, said:
“These latest quarterly lending figures show the ongoing strength of the equity release market and, given the upsurge in activity last year, also go a long way to proving the demand drivers for these products are not going away. Record-breaking quarters are not often posted in the first three months of the year, given that January and February in particular tend to be slower months, however this is another sign that there is a better understanding of equity release and the solution it can provide to many consumers with different needs and circumstances.
“Much has been made about the potential impact of the pension freedoms on equity release take-up and, even though these figures are pre-pension changes, we still believe the products are likely to grow in popularity throughout 2015 and beyond. Issues such as the ‘interest-only time bomb’, the pull-back on lending into retirement, the need for retirees to fund a growing number of financial responsibilities in retirement such as the provision of care, and consumers’ interest in supplementing their income levels, are ongoing. Therefore, our anticipation is that 2015 will move forward as it has begun which means continued increases in both equity release interest and activity.”
