UK Equity Release Schemes Market Report 2022
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The UK Equity Release Schemes Market Report 2022 identifies consumers’ attitudes towards equity release schemes UK, the willingness of consumers to use equity release to supplement their incomes, and the impact of the cost of living crisis on the equity economy in the UK. This report covers the equity release UK market size, market forecast, market segmentation and industry trends for the UK Equity Release Market.
The equity release market continued its strong growth in the first half of 2022 and this is also expected to continue in the second half of the year. A rise in property wealth combined with competitive rates are likely to support this growth. The overall outlook is very positive, but rising inflation could impact consumer confidence, thus creating a more defensive mindset.
Moreover, equity release statistics show that lifetime mortgages are becoming more accepted and are starting to be seen as a mainstream choice. This rising acceptance will increase engagement and the potential number of customers.
The equity release market will continue to expand, albeit at a slower pace. The slowdown in house price growth will lessen consumer appetite to release equity. The rising cost of living could prove a double-edged sword for equity release schemes UK. If consumers become more financially cautious, some will be reluctant to release equity, while others might be forced to use these products to supplement their income.
However, the cost of living crisis could last throughout 2023, and some over 55-year-olds may see no other option but to use equity release schemes to battle rising inflation.
The long-term outlook for equity release schemes UK improves as economic conditions normalise. The equity release’s target market will continue to grow, and an increasing number of over 55-year-olds will need additional funds to repay debt and fund their retirement, creating more opportunities for providers in this space.
Moreover, a significant number of adults don’t know that equity release schemes can be used to repay their existing mortgage, suggesting that understanding of how lifetime mortgages can be utilised is still not widespread. While this is likely to be a barrier for equity release UK, it also presents an opportunity for providers to increase awareness of how these products can be used and how they can help consumers to manage debt in later life.
Read on to discover more details or take a look at all of our UK Financial Services Market Research.
Brands: More2Life, Legal & General, Aviva, Canada Life, Pure Retirement, Just Group, LV=.
This report, written by Stefania Apostol, a leading analyst in the Financial Services sector, delivers in-depth commentary and analysis to highlight current trends in the UK Equity Release Market 2022 and add expert context to the numbers.
2021 was the strongest year yet for equity release sales, and the prospects for future growth remain positive. However, rising inflation could prove a double-edged sword, while a slowdown in house price growth will impact consumer confidence. Providers should continue to focus on tackling misconceptions about equity release schemes to improve consumer knowledge and accelerate the industry’s progress.
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Please Note: All of the figures, graphs, and tables in this sample report have been redacted.