Independent advisers accounts for 74% of all equity release plans sold between July and September, according to figures from SHIP, reports Mortgage Strategy.

The adviser share of the equity release market has climbed 10% since the three months to June, continuing the recent trend for brokers to account for the majority of equity release business.

The equity release market is down 22% against the same time last year when total lending was £303.3m.

The number of new equity release customers dropped by 2.5% quarter-on quarter from 5333 to 5198, and has dropped 35% on an annual basis.

Average amounts lent through equity release increased by 3.9% in Q3 to £45,434, compared with £43,746 for the previous three months.

Andrea Rozario, director-general of SHIP, says:“The drop in the number of plans sold can be partly attributed to the funding issues that the industry is currently facing.

"While equity release providers are experiencing high levels of customer demand, a significant impact on the quarter’s business figures has been the lack of liquidity in the overall market which has restricted the lending activity of some providers and resulted in the withdrawal from the market of some others."

Sixty Plus Comment: It is pleasing that customers are becoming more aware of the importance of independent advice.