Equity Release Council signs 1,000th member

The milestone comes at a time when equity release is experiencing steady growth. The start of 2019 saw £936m being unlocked from people’s homes, making Q1 the busiest first quarter on record.

Its research shows that over half (51%) of older homeowners are now factoring bricks and mortar into their later life plans, while 44% feel taking out a mortgage or loan to access property wealth in later life is becoming a more common way to manage money. Two-fifths (40%) see it as a “reality” of ageing.

Over the past year the Council has appointed Jim Boyd as its first CEO and opened a new head office in the City of London.

Sarah Barlow commented: “Joining the Equity Release Council was an easy decision for me. I’ve seen a greater consumer demand for equity release as homeowners use it for a variety of reasons, including giving a living inheritance to help children onto the property ladder. It was therefore important to me to be a member of a reputable trade body. One which promotes high standards of conduct and practice and helps consumers gain confidence in sourcing the right professional adviser for their needs.”

David Burrowes, chairman of the Equity Release Council, added: “We are thrilled to welcome Sarah as our 1,000th member. The growth in the Council’s membership is testament to both the rigorous safeguards and product innovation within the market, that are helping to move equity release into the mainstream of financial services.

“With the UK’s population living longer, attitudes towards property and financial planning are changing across the UK. The retirees of tomorrow increasingly plan to use money invested in property as a ‘nest egg’ for unexpected expenses or to help family members while they are still alive. The UK faces a complex challenge to balance the financial needs of old and young alike and property has an integral role to play.”