(1888PressRelease)
May 06, 2007 - Figures announced by industry trade body Safe Home Income Plan (Ship) show the number of equity release schemes approved in the first three months of 2007 has increased by seven per cent on last year's levels following the fourth consecutive quarter of growth.
The data takes into account the results of companies regulated by Ship, which oversees around 90 per cent of the overall market.
"The number of new equity release plans sold in [the first quarter of] 2007 continues to increase, especially when figures are compared year on year with [first quarter of] 2006," Jon King, chief executive of Ship, confirmed.
It is thought that demand for equity release is being driven by heightened affordability concerns following house price inflation and increasing interest rates, as well as the attractiveness of schemes to pensioners with concerns about their financial stability during retirement.
National Homebuyers also offers equity release, and especially quickly, too, for those in severe financial difficulty.
National Homebuyers, who offer to 'buy your home quickly', confirms the Ship report.
Director of the fast purchase property company, Julian King, says: "The sheer volume of people we are hearing from daily has been augmenting week-on-week for many months.
"People need a new solution to affordability concerns and the obvious continued interest rate rises. It's worth noting that this is not a sign of an increase in the 'popularity' of equity release, but the necessity. National Homebuyers' sell and rent back option has received an 800 per cent increase in enquiries year-on-year, with the consumer stating that their reason for enquiry is 'lack of confidence in the property market'.
"National Homebuyers' sell and rent back solution is available to everyone, unlike equity release schemes which target the 55-plus age group."
