Following the ERC’s research issued today, please see below commentary from Mark Gregory at ERG as part of this.

04 September 2024

“As reported in ERC’s research findings today, recovering UK house prices at the start of this year have had a widespread effect on the sector. At Equity Release Supermarket, we’ve seen an uplift last month of 32 per cent in enquiries compared to July. We believe that some of this increase is down to retirees exploring their options after years of rising costs and the impending tax changes that have been widely reported in recent weeks.

“With nervousness about the upcoming Autumn Statement, and the implications it may have on those planning their retirement, many people are looking for alternative ways to help fund their retirement plans. The figures shared by the Equity Release Council can provide some reassurance to homeowners, some of which may be impacted by the changes being proposed to pension tax, the winter fuel allowance and inheritance tax.

“Releasing property wealth is a tax-free source of income for many in need of options, outside a traditional pension or other savings. Our smartER™ platform, which allows consumers to research live interest rates, and the amount they could potentially borrow, has also reported a sharp incline in enquiries, up 58 per cent last month compared to July, showcasing the appetite for equity release and the demand for alternative later life funding options.”

Mark Gregory, Founder and CEO of Equity Release Group