Equity release referrals are up 30 per cent year-on-year, according to data collected by the Key Partnerships.
Key Partnerships believes this is due to intermediaries including solicitors, accountants and wealth managers, seeking expert advice on accessing property wealth.
Clients of Key Partnerships using referrals, released an average of £96,064, which is 12 per cent higher than the market average of £85,373.
Furthermore, their homes on average were valued at £392,402, 76 per cent higher than the national average of £223,500.
While the amount released by referred clients is higher than the market average, the former figure has declined from £103,395 in 2017 to £96,064 in Q3 2018.
The equity release specialist believes the change is accountable to a wider range of people approaching introducers for support with their later life finances.
This is evidenced by Key’s most recent equity release market monitor report, which showed that in the third quarter of this year, customers released nearly £5,500 more on average compared with the same period last year, £71,483.
Key Partnerships head Jason Ruse says: “The record growth in the equity release market means a wider range of introducers are realising that their clients can benefit from specialist advice on using their property wealth.
“The higher than average case sizes and property prices for referral customers reflect the growing demand from all introducer including solicitors, accountants, wealth Managers, networks and mortgage clubs.