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Advisers expect equity release market to reach £6bn

Research conducted by Canada Life Home Finance shows that 86 per cent of IFAs expect the value of the equity release market to grow in 2019.

Of those asked, 40 per cent of advisers see the market worth at least £6bn by the end of 2019, and 46 per cent expect a total market worth of between £4.5bn and £6bn within the same time frame.

The research also shows that just under 10 per cent of IFAs expect the market to stay the same, while 5 per cent believe that the size of the market will shrink.

Earlier today, Key announced that total equity released in 2018 stood at £3.6bn, a 19 per cent increase over the previous year.

Canada Life Home Finance head of marketing and communications Alice Watson says: “The equity release sector is thriving. Recent figures show that almost as much was lent in the first three quarters of 2018 as the whole of 2017. And this research into the views of UK advisers offers a real vote of confidence for the sector.

“It’s clear they expect consumer demand to continue to grow apace, aided by advisers and providers increasing education, demystifying the products and making them more widely accessible.

“While uncertainty over the global political and economic situation may continue to hold back the housing market, equity release will still be a sensible solution for many – especially those using it as part of a more holistic approach to retirement planning.”

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