New Figures Highlight Growing Market

By Rob Dixon

Legal experts at Irwin Mitchell are calling on elderly homeowners to always get specialist advice in relation to equity release, after new figures highlighted that the market for such products is continuing to expand.

New figures from a leading industry provider have revealed the average customer using such products released £52,268 of equity in 2012, which is almost seven per cent higher than in the previous 12 months.

The research also found that the total funds released in the market rose by 15 per cent to more than £961 million.

Irwin Mitchell’s Conveyancing team provide specialist legal advice in relation to the buying and selling of property and have experience in helping owners to make arrangements to release equity from their homes.

Helen Hutchison, a legal expert who specialises providing advice and support on property issues, said: “This research reflects some of the trends we have seen in recent months, after being approached by a number of people keen to consider their options in this area.

“Considering the current economic climate, it is no surprise that more people are taking out equity release to fund their retirement, top up pensions or to make further improvements to property.

“However, we would always urge anyone looking into the area to ensure they get specialist advice in relation to concept, with an ultimate view to getting access to the products that are best suited to their needs.”