A record £3.06 billion was taken out of British properties by 67,000 homeowners in 2017, up from £2.15 billion in 2016 and £1.6 billion in 2015.
According to data from the Equity Release Council, the final three months of 2017 broke a series of records relating to the ‘equity release’ market, as homeowners tapped into their property wealth.
David Burrowes, Chairman of the Equity Release Council, comments: “The record-breaking demand for equity release over the past year is testament to the fact more consumers are changing the way they plan financially for retirement, and taking a broader range of options into consideration. This is illustrated by the continued popularity of drawdown products, with many customers viewing equity release as a reliable source of income in later life.”
Mr Burrowes said customers had “more choice than ever” when tapping into housing wealth, adding that: “Property is, for many people, their largest asset and has the potential to play an ever-greater role in the future to meet the challenge of ensuring effective later life funding.”
At Beavis Morgan, we have extensive experience in advising individuals and businesses on all aspects of the property market. We act for a broad range of property investors and developers who actively need advice on how to best structure their property deals, both to ring-fence and protect their property assets, as well as to minimise the tax arising from their business operations.
We also offer specialist services to identify business opportunities for overseas investors looking to enter the UK property and business market – and we provide a comprehensive range of professional services to help you make the most of your investment in the UK.
For further information contact Steve Govey or your usual Beavis Morgan Partner.