GITNUX MARKETDATA REPORT 2024

Equity Release Industry Statistics

The equity release industry is experiencing significant growth globally with an increasing number of homeowners utilizing equity release products to access cash tied up in their homes.

Statistic 1

"The average amount of equity released in H1 2021 has risen to £103,710 from £96,600 in H1 2020."

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Statistic 2

"The number of new plans taken out fell by 10% in H1 2021 to 33,565 from 37,394 in H1 2020."

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Statistic 3

"In 2020, the total lifetime mortgage advances in the UK reached £3.89 billion."

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Statistic 4

"The number of homeowners aged 55 and over using equity release to clear mortgage debts rose by 29% in 2020."

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Statistic 5

"In 2020, nearly one in five (19%) equity release customers used some or all the money to clear existing mortgages."

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Statistic 6

"In 2020, 38 percent of equity release customers used some of the funds to make home and garden improvements."

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Statistic 7

"Equity release customers in 2020 were more likely to spend some of their funds on gifts for family or friends (13%) compared to 2019 (9%)."

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Statistic 8

"The average equity release interest rate for new customers was 4.35% in July 2021 – lower than the preceding six months' average"

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Statistic 9

"The average age of a new equity release customer has fallen from 71.6 in H1 2020 to 70.7 in H1 2021."

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Statistic 10

"Switching to a new equity release plan saved customers an average of £14,053 in the first half of 2021."

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Statistic 11

"Property wealth totalled £6bn of equity being released across 76,154 new plans agreed in 2020."

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Statistic 12

"A total of £1.05 billion was unlocked from the value of homes in Q2 2021, up 17% from Q1"

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Statistic 13

"The total number of new customers entering the market in Q2 2021 was up 19% on the previous quarter, at just over 20,000."

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