29 September 2022
Autumn 2022 market report
The Council’s autumn market report 2022 has now been published.
- Midlands and Northern regions see the biggest growth in lifetime mortgage sales to older homeowners in the last four years: Wales (40%), North-West (38%) and West Midlands (31%) lead the way, with every region of the North and Midlands seeing 26%+ growth
- UK housing stock passes a record £7 trillion valuation as strong demand boosts prices
- Despite taking on £100bn extra mortgage debt, property owners have gained £46,000 of equity per household since summer 2020, with 77% of the average home owned in cash
- Just four published complaints about equity release were upheld by the Financial Ombudsman Service in H1 2022, with the Council urging anyone considering equity release to involve family in their decision where appropriate
David Burrowes, Chair of the Equity Release Council said:
“Our Autumn 2022 report shows releasing equity continues to evolve from having been an outlier to being embraced as a nationwide trend, with modern flexible products helping to meet a variety of needs.
“Rising house prices have meant that, while national mortgage debt has grown, it is secondary to vast reserves of housing equity which can help multiple generations to achieve financial security by giving them more options and choices in managing their money.
“More than ever in these challenging times, equity release should neither be a default option or last resort; it should routinely be considered, alongside potential alternatives, with both short and long-term financial goals in mind.
“The greater product choice of the 2010s needs to translate into greater awareness in the 2020s so that every homeowner is prompted to consider where property wealth fits into their financial plans and not miss out on an option that could improve their quality of life.”
To read the press release click here To read the report itself click here.
As always, members are encouraged to join in the conversation on social media and in traditional media.
Equity Release Council.