Roger Marsden, head of at retirement at Aviva, said:

“Today’s figures from the Equity Release Council clearly show that using housing equity to improve retirement finances is becoming increasingly popular.  This is good news for not only the market in general, but also for consumers. 

“Many facing retirement with a shortfall in their savings are often worried about releasing the equity in their homes to improve their standard of living. However, due to concerted efforts from the Equity Release Council, providers and intermediaries alike, attitudes are changing. With the reassurance of no negative equity guarantees and the introduction of inheritance guarantees, more people are now taking a holistic view of all of the assets available to them at retirement, including the value held in their own property.

“We believe that today’s figures signal a return to positive growth for this market and we expect that 2012 will be a better year for equity release than 2011.”