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Equity release sales growing, says CML

Equity release lending grew by 3% in the last three months of 2005, according to CML data published.

Lending in the final quarter was worth 282m, compared to 273 million in the preceding three months.

In the second half of 2005, when the market is usually stronger, equity release lending was 13% higher than in the first six months at 556m, although it was 20% lower than in the second half of 2004.

The overall size of the equity release market continues to grow, the CML claims. There are now more than 105,000 equity release mortgages outstanding, worth more than 5.3bn, and the overall value of equity release mortgages grew by 33% in 2005.

CML director general Michael Coogan says: “People over 65 have more than 1 trillion in unmortgaged wealth in their homes, so there is significant potential for equity release to fulfil the needs of older people in the longer term.”

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