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The cost of living crisis continues to place pressure on household finances and has made consumers more cautious about borrowing against the value of their homes. This heightened caution, combined with high interest rates, has already resulted in a slowdown in the equity release market, and this trend is likely to continue as long as economic uncertainties persist.
In addition to macroeconomic factors, the equity release sector faces additional challenges due to consumer apprehensions. Among these are worries about reducing how much of their home they own alongside the financial burden of taking out loans during their later years. In addition, a lack of trust in equity providers to act in consumers’ best interests can deter people from exploring equity release as a viable retirement funding option.
Despite these challenges, equity release schemes have potential for expansion. Among homeowners over 45, 22% would consider equity release to help fund their retirement, with interest increasing to 34% among those aged 45-54. This opens a window for providers to offer clear, comprehensive information early on, targeting those yet to finalise their retirement plans.
Purchase the full report for a complete overview of the UK equity release market, including market dynamics and comprehensive consumer analysis from Mintel’s industry experts. Readers of this report may also be interested in Mintel’s UK Retirement Planning Market Report.
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 access equity as and when they choose to (drawdown), or a combination of these options. As lifetime mortgages now account for the vast majority of equity release plans sold, the terms lifetime mortgage and equity release are used interchangeably throughout this report.
To be eligible for equity release, homeowners must meet the following criteria:
This report was written by Stefania Apostol, Senior Financial Services Analyst at Mintel. Stefania joined the Financial Services Reports team in March 2021, having previously worked for Mintel’s MFD, Disruptor and GNPD products. In her current role, she researches and writes Mintel Reports on consumer financial services in the UK.
While many challenges persist, there are opportunities to engage consumers, enhance understanding, and build trust.
Stefania Apostol
Senior Financial Services Analyst
Mintel is the world’s leading market intelligence agency. We show you how consumers think today and tomorrow. As a trusted partner to industry leaders, we deliver game-changing insights to businesses across the globe, fuelling their marketing and innovation strategies that will shape the future.
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