4% increase in equity release activity in Q1 2024
Written in line with our editorial policy.
The latest quarterly market report from the Equity Release Council has been released – and it shows a rise in market activity compared to the previous quarter.
According to the report, a total of 14,216 new and returning UK homeowners aged 55+ boosted their finances with equity release between January and March of 2024.
That’s a 4% uptick on Q4 2023, when 13,651 customers accessed some of their property wealth with a plan. Despite the total number of customers increasing in the first quarter, the number of new customers coming to the market actually fell to 4,698. This is an 11 per cent drop from the number of new customers in Q4 2023.
Explaining the numbers, David Burrowes chair of the Equity Release Council says: “New customer numbers are lower than last year with feedback from the market suggesting that older homeowners are adopting a more cautious approach to borrowing as there are hopes of interest rate reductions in the near future.”