Intermediary sales rose 25% in 2007 according to figures released by trade body SHIP (Safe Home Income Plans).
Sales through intermediaries rose from 14,799 in 2006 to 18,531 in 2007.
Meanwhile there wasa drop in direct sales from 12,973 to 10,762.
Overall business increased by 5.5% in the number of plans and the total value rose 5% to £1.21bn.
These figures were held back by a disappointing 4th quarter when the total value of business written fell by 9% on the corresponding period in 2006. However, this compares favourably to a 12% drop in gross mortgage lending by all mortgage lenders.
Sixty Plus comment: It is pleasing to see direct sales fall from 46% to 36% but this still means that more than one in three clients go direct to a product provider for equity release. It is our view that clients will only get the best plan for their needs by luck rather than judgement if they choose this route and that independent advice is essential when considering equity release.
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