The eighteen members of UK equity release industry body, SHIP (Safe Home Income Plans), that represent 90% of the Equity Release sector, today report new business figures for the six months to 30 June 2004. The results reflect a continued strong performance by the sector in a year of regulatory change that is requiring enormous preparatory effort by product providers.

As expected, the value of new business written to 30 June 2004 was slightly lower that for the same period in 2003; 2004 H1: £503.7 million, (2003 H1: £582.2 million). Business written was slightly higher in Quarter 2 from Quarter 1, (2004 Q1: £243 million, 2004 Q” £260 million).

Jon King, Chairman of SHIP said:

“The value of business written by SHIP members is on track to come close to last year’s exceptional total of £1.1 billion. This is a very strong performance by the sector considering the degree to which providers are having to focus their attention on preparations for regulatory change in October, and shows that Equity Release has become firmly established as an important mainstream product.

“Once regulatory change has taken place, indications are that Equity Relase new business growth will resume strongly.”