Value of equity release advances in Q1 2010 at £213.4m
Drawdown mortgages continue to be most popular product (£116.4m)
Home Reversion plans jump 10% to £4.4m
SHIP, the equity release provider trade body, today announced equity release market figures for the first quarter of 2010. Initial data for the start of the year taken from all of the members indicates that while the market is suffering some effects from the loss of providers, demand is strong and activity remains buoyant.
Home reversion advances rose by 10% on Q4 2009 to £4.4m. Drawdown mortgages remain the most popular form of equity release, claiming over half of the market share (55%) with £116.4m worth of advances. Lump sum mortgage sales were £92.6m in the quarter. The distribution of equity release continued to be dominated by intermediaries, who accounted for 79% of all sales.
Overall the value of the equity release market has fallen by 13% from £244.7m in Q1 2009 to £213.4m in Q1 2010. The total number of customers YOY has fallen by just 7%. The percentage of sales through intermediaries has remained stable at the 79% mark.
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