The equity release market in the UK is set for future growth to meet the increased demand of consumers, according to a recent study.
Results from the latest member survey from the equity release trade association SHIP, has revealed that more than half of the respondents believe that "fulfilling customer need" is the biggest factor pointing to future growth of the market.
According to the report, increased political awareness and the high level of regulation in the market have also been identified as potential growth factors.
Andrea Rozario, director general of SHIP, said: "The equity release industry has developed considerably over the years and has strong safeguards in place to protect consumers and intermediaries.
"There will be more than 18 million over 55s in the UK by 2011 – many with insufficient retirement savings but significant housing equity – therefore it is vital that consumers have the confidence to speak to an expert about equity release rather than struggle to survive."
Equity release schemes can allow homeowners to access some of the funds that are tied up in their property assets.
