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UK Equity Release Schemes Overview - May 2014

Equity release providers are positioning themselves to take advantage of the expected growth in demand, as a result of an ageing population and an increase in the number of retirees with outstanding mortgage debt.

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Table of Content

Introduction

Market definition

Equity Release Council

Abbreviations

Executive Summary

The market

Standard model predicts solid growth

Figure 1: Forecast of new equity release advances, at current prices – fan chart, 2008-18

Drawdown lifetime mortgages are the preferred choice

Figure 2: Proportional distribution of new equity release sales, by product type, 2009-13

Customer motivation and characteristics

Market factors

Ageing population increases demand for equity release

The effect of house price inflation

Lower borrowing costs have increased the attraction of lifetime mortgages

Regulatory impact

Companies, brands and innovation

Two brands dominate

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Figure 3: Market shares of the top three equity release providers, by value of new sales, 2010-13

Market innovation

Brand reinforcement

Most new business is generated through qualified intermediaries

Figure 4: Share of equity release sales (volume), by distribution channel, 2007-13

The consumer

Sources of retirement income

Figure 5: Expected or actual sources of retirement income, February 2014

Financial situation in retirement

Figure 6: Expected or actual financial situation in retirement, February 2014

Awareness and understanding of equity release

Figure 7: Awareness of different aspects of equity release products, February 2014

Product penetration and consideration

Figure 8: Take-up and consideration of equity release, February 2014

Attitudes toward equity release and related issues

Figure 9: Agreement with attitudinal statements about equity release, February 2014

What we think

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