A series of new findings in an Association of British Insurers (ABI) poll provide positive signs for the equity release sector.
The survey showed that many people are comfortable with the idea that value contained in their property can assist their finances.
A majority (54 per cent) of those questioned over the third quarter of 2009 said that they believed property was the "best" investment they could have.
Possible ways of gaining access to this value include unlocking equity already contained in the home via an equity release plan.
One third of ABI poll respondents also said that they were currently looking to increase their non-mortgage debt repayments or begin making payments of this kind.
This chimes closely with recent findings from Key Retirement Solutions, which showed that 36 per cent of applicants over the third quarter were planning to use income from equity release to pay down debts.
Dr Rebecca Driver, the ABI’s director of research and chief economist, says: "For the long-term health of the economy, it is encouraging more people are reducing their debts.
"Increasing confidence in the value of property is also good news for the housing market."
Posted by Claire Ford
