More than 23,000 equity release customers cashed in property wealth in Q1
- The number of new and returning equity release customers reached a new quarterly high of 23,395 between January and March this year
- A total of 150,653 new and existing customers have been active during the pandemic, starting from Q2 2020, compared with 171,586 in the previous two years.
- Annual growth in the number of new plans agreed recovered to 21% in Q1 from -9% a year earlier
- Total quarterly lending reached £1.53bn between January and March, up from £1.34bn in Q4 2021
- The average new loan size grew 6% year-on-year, matching the latest inflation figure¹ and surpassed by the 11% annual UK house price rise which added £27,000 to the average home²
Looking for anecdotal comment around these stats and also the pros and cons of equity release.