Pure Retirement analyse changing equity release customer demographics in new research report
20 November 2024
Average Property Value Among New Lifetime Mortgage Customers Has Risen Over £122,000 Since 2018 – Pure Retirement
Lifetime mortgage lender Pure Retirement has found that average new lifetime mortgage customers’ property value has risen over £122,000 between 2018 and H1 2024 as part of its new research paper launched today, The Evolving Lifetime Mortgage Customer: an exploration of changing equity release demographics.
The lender found that from a 2018 average of £293,680, the average has steadily risen to sit at £415,746 by the middle of this year – an increase of 42% over the period in question.
The lender’s new report traces emerging patterns around demographic trends, aiming to widen understanding of both the current customer profile and how it’s changed over time, and looks at a number of key drivers such as age, property value, marital status, plan type (lumpsum/drawdown), application type (single/joint), and gender distribution among single applicants.
Other key findings from the research include:
- Owners of properties over £850,000 have the highest appetite for drawdown plans of any cohort
- Nearly seven in ten (67%) of single applicants are female
- Nearly six in ten (57%) of applicants in H1 2024 were married
The report can be accessed here
Speaking of the findings, report author and Pure Retirement Communications Manager Gareth Ware says: “We’re pleased to deliver this new research piece to the wider market, helping to highlight how the profile of a lifetime mortgage customer has evolved over a relatively short period of time, and hopefully helping to dispel some myths along the way. The new report also highlights the importance of the effective use of data, and the ways it can enhance understanding to offer appropriate product solutions and achieve best outcomes for consumers.”
