SHIP Encouraged By Second Quarter Performance
Safe Home Income Plans (SHIP), the trade body for the equity release market, have released figures pertaining to the performance of the market in the second quarter of 2010.
Despite a small percentage drop in total market advances there is encouragement that would suggest the decline is slowing and remaining providers are eating up more market share.
“Strong Growth in the Coming Months”
The total market advances dropped by 8% from £213.4 million in the first quarter of 2010 to £196.7 in the second quarter. However, the average amount advanced grew from £45,251 to £45,702 and most encouragingly, from SHIP’s point of view, the amount of market share taken up by existing providers is growing.
Andrea Rozario, Director General of SHIP, felt the latest stats showed a slowing of the decline. She said:
“Data from members for the second quarter of 2010 clearly shows that the decline in the market, which started in the final quarter of 2008, has reached its nadir. There are signs that a number of important initiatives spearheaded by SHIP – and its members – are working to grow the market.
“I am pleased to see that the tide of withdrawals from the market may finally be turning with the re-entry of a former provider – More2Life – in recent months. Finally, it is clear that current providers are absorbing the demand which was previously supplied by those exiting the market in the last 12 months. I look forward to seeing reports of strong growth from members over the coming months.”
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