The Council has recently released its Q.3 2024 market data which saw two successive quarters of growth for the first time in two years.
In summary the data showed:
* A 6% increase in total lending to £615m, up from £578m in Quarter 2 2024 and new plans also saw a 2% rise, growing from 5,240 to 5,370.
Commenting on the data, David Burrowes, chair of the Equity Release Council, said: “Returning growth may have been modest to date, but it’s particularly encouraging to see the trend continue during the transition period sandwiched between the arrival of a new Government in early July and its first Budget statement later this month.
“Behind these improving numbers are reports from both advisers and providers alike that consumer confidence is steadily returning. As we head towards the end of the year, we anticipate that we will continue to see steady growth if interest rates remain stable and consumer confidence responds positively to the forthcoming Budget.”
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Source: The Equity Release Council
