Equity Release Schemes - UK - May 2016
“The growth of the equity release market is almost guaranteed by a number of strong market drivers, such as population growth, house price rises and changes in retirement preparation. However, consumers remain suspicious of the industry and there is work to be done to ensure that those who need help with retirement financing understand the market and how it can help them.”
– Deborah Osguthorpe, Head of UK Financial Services Research
This report discusses the following key topics:
- Image and reputation continues to affect the equity release industry
- Debt levels amongst over-45s are expected to rise
- Referrals are becoming key to the sales process
This Report considers the factors and trends that are helping to drive demand for equity release. The Report draws on industry research to evaluate recent sales performance, as well as the results of an independently commissioned consumer survey. Mintel’s survey examines the consideration of equity release products among the retired population, as well as those approaching retirement. It also looks at attitudes towards the product, expected financial positions in retirement, as well as the growing issue of debt in retirement.
For the purposes of this Report, Mintel has used the following definitions:
Equity release is a way of accessing the wealth tied up in a property without the need to move. With equity release, homeowners can either borrow against the value of their home (a lifetime mortgage) or sell all or part of it (using a home reversion plan) in return for a regular monthly income, a lump sum, or the facility to get at equity as and when they like (drawdown) or a combination of these options.
To be eligible for equity release, homeowners must meet the following criteria:
- Be aged 55 or over (or 60+ for home reversion plans); for joint plans the youngest borrower must be at least 55
- Own their property outright, or in some instances, have a very small outstanding mortgage
- The property must be in England, Scotland or Wales
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.