View more on these topics

Release could rocket to £30bn

Equity-release experts believe Government support for the products could send the sector soaring to £30bn.

The market was worth £946m in 2009 but LaterLiving equity release planner Simon Chalk says this is likely to grow hugely as more people need to unlock value from their homes.

He says: “It will get to the point in the future where people no longer consider their home to be sacrosanct and will have to form part of their retirement planning. IFAs have got to embrace this. If the market was to get to £20bn or £30bn, which is potentially where it could be, we could not cope as we are at the moment.

“My instinct is that when the policy changes come in from the Government, diluted pension and lower savings, I think people will want to release equity from their own homes.”

Equity Advice managing partner Stuart Wilson says: “I suspect that a Government endorsement for equity release is not a million miles away. Once that is done, that in itself will trigger education of the public.

“If you look back, we have got lots of older people increasing in numbers and decreasing in resources but it has yet to increase demand. We need a catalyst and I think this could be it.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Equity realease is another accident waiting to happen.

    Home income plans produced a big scandal and this will be no different.

    If you want to realise capital from your house, move down market!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com