Norwich Union Predict Doubling Of Equity Release Market
Norwich Union who recently celebrated their 10th anniversary in the equity release market has predicted that the market will double to £2.4bn of lending over the next five years.
A spokesman for Norwich Union said “Going forward we see the equity release market doubling over the next five years and truly coming into its own as a mainstream retirement planning tool. With big high street names offering these products to their customers, more intermediaries gaining their qualifications and equity release innovations taking into account customers changing needs, the future for this market is bright”
Tim Loy, Chief Executive of equity release advisors Age Partnership said, “We agree with Norwich Union’s predictions. The historical drivers for the equity release market have been an ageing population, the pension savings gap and changing attitudes towards inheritance and retirement. On top of that we now have low savings rates and pension pots that are worth far less than they were 12 months ago. As a result we expect demand for equity release to surge over the next couple of years”
Contact Age Partnership for equity release advice and to see how releasing the equity in your home could help you during your retirement years.
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