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SHIP members’ new business up on 2004

The eighteen members of Safe Home Income Plans report robust quarterly business for the period up to March 31 2005.

The value of new business written was 251.4m, a 3.3 per cent increase on the same period last year. On an annualised basis new business is the equivalent to 1.2bn.

The value of lifetime mortgage business written was 238.1m and 95 per cent of all business written, while the value of home reversions made up 5 per cent of total business at 13.3m.

SHIP chairman Jon King says: “Going forward we expect further strong growth in 2005, as the increasing stability of property prices and the addition of high profile new providers and products to the market, stimulates continued consumer interest in equity release.”

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