Over £32bn of property wealth released over last 20 years

More than £32.6bn of property wealth has been released from UK properties over the last 20 years, new data from Key has revealed.

The equity release adviser stated that 557,000 customers and their families have benefited from the money in that time, which has helped boost the wider UK economy and housing market.

A new report from Key, titled Equity Release Revolution, found that 90% of equity release customers have or would recommend it to family and friends, while 67% say it has made a substantial difference to their quality of life.

Key said that a major focus of it study was perceptions around how well customers felt they had been advised, with 92% of customers saying their adviser had explained the product and process “well or very well”. Around 60% involved family who were supportive of their choice.

The equity release adviser’s CEO, Will Hale, said that equity release has made a significant difference to the lives of many people, and has evolved into an industry that with a “clear focus on customer needs”.

“Very few industries can say that 90% of customers would or have recommended their products to others and only 10% say that taking out a plan has not improved their standard of living,” Hale commented.

“Given the scrutiny on the sector we felt an extensive survey going back many years would answer questions around whether customers had any regrets, which the majority do not. Although there is always room to adapt the market further to continue to provide positive customer outcomes.

“There is still more that needs to be done on developing products that provide the increased flexibility that today’s customers demand and considering how we as an industry tailor advice to ensure that it keeps pace with how the later life lending market is evolving. We must continue to stay close to the customers we serve and strive to exceed the expectations of our regulator.”

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