Ellesmere Port, England - January 30, 2025 - Equity Release Warehouse acknowledges the latest data released by the Equity Release Council for Q4 and the fiscal year 2024. The figures indicate a continued cautious approach among consumers in the equity release market, influenced by prevailing economic conditions and interest rate fluctuations.
Key Highlights from the Report:
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Customer Activity: The total number of new and returning equity release customers in Q4 2024 was 13,651, a decrease from 17,078 in Q3 2024 and 20,597 in Q4 2023.
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Annual Overview: Throughout 2024, 26,119 customers initiated new equity release plans, with drawdown plans becoming the preferred choice, accounting for 53% of selections last year and 55% in Q4.
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Average Borrowing: The average amount borrowed by new customers in Q4 2024 was £79,484, down from £106,917 in the same quarter the previous year.
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Total Lending: Annual lending for 2024 totalled £2.6 billion, a decrease from the record £6.2 billion in 2023, bringing the market back to activity levels observed between 2016 and 2017.
Tom Philips, a leading expert at Equity Release Warehouse, commented on these findings:
"The data underscores a prudent stance among consumers amidst rising interest rates and economic uncertainties. The shift towards drawdown plans indicates a desire for greater flexibility, allowing homeowners to access funds as needed while managing interest accruals effectively. This approach not only provides immediate financial support but also offers a strategic method to mitigate long-term costs.
At Equity Release Warehouse, we are committed to guiding our clients through these challenging times. We emphasize the importance of personalised advice, ensuring that each homeowner's unique circumstances are considered. Our goal is to empower individuals to make informed decisions, leveraging their property wealth to enhance their financial well-being during retirement.
As the market continues to evolve, we anticipate that product innovations and enhanced consumer protections will play pivotal roles in restoring confidence. We remain dedicated to staying at the forefront of these developments, ensuring our clients have access to the best possible solutions tailored to their needs."
Equity Release Warehouse remains steadfast in its mission to provide expert guidance and support to homeowners considering equity release. In light of the current market dynamics, we encourage individuals to seek comprehensive advice to navigate the complexities of equity release products effectively.
Media Contact
Company Name: Equity Release Warehouse
Contact Person: Tom Philips
Email: Send Email
Phone: 292929292
Address:17 Raddle Wharf
City: Ellesmere Port
State: Cheshire
Country: United Kingdom
Website: https://www.equityreleasewarehouse.com/
