£12.1billion released through almost 270,000 plans over the past 20 years

Last night SHIP, the trade body for equity release, celebrated its 20th anniversary at an event hosted by Eversheds offices in London.

Key figures from across the equity release industry, along with other stakeholders, came together to toast 20 years of work done by the trade body to safeguard customers and increase awareness of housing wealth as a means of funding retirement.

SHIP revealed that over £12.1billion pounds worth of housing equity has been released by its members between 1991 and Q3 2011.  The value of lifetime mortgages for this period stands at £10.5billion, with home reversions at £1.6billion.  A total of almost 270,000 plans have been advised upon by SHIP’s members over the past 20 years.

Since 2003, SHIP has also tracked the way in which plans are purchased.  Direct sales account for £6.5 billion worth of plans, with adviser sales amounting to £2.8billion.

VALUE OF PLANS ADVISED ON (1991 – Q3 2011):

VOLUME OF PLANS ADVISED ON (1991 – Q3 2011):

Andrea Rozario, Director General of SHIP, commented:

“Over the last 20 years SHIP has achieved a tremendous feat in terms of engaging with stakeholders – such as politicians, civil servants, and the third-sector – and increasing awareness of equity release products.   At the same time the once maligned industry now receives fair and balanced recognition from the media, many of whom now see it as a part of the retirement debate.

“We have covered a huge amount of ground over the past two decades, and as we prepare to grow our membership, we look forward to working with an even wider range of stakeholders.  Our market figures reveal that almost 270,000 plans have been sold, and £12.1billion in housing equity released over the past 20 years.  However, with over-55s’ property wealth estimated to be around £1.9trillion*, there are still opportunities to make consumers who might benefit from these products aware of opportunities available to them.”