The rising popularity of equity release
The number of UK adults who would now consider equity release has increased by 23%, according to a recent poll by the Equity Release Solicitors Alliance (ERSA).
Figures revealed a staggering 77% of respondents would now consider turning to equity release as a means of funding their retirement.
However despite this rise in popularity, respondents believe there is still much more that can be done to instil further confidence in the service.
And our survey says…
- 42% would like to see a ‘recognisable mark of excellence’ amongst equity release professionals
- 28% want to see government endorsement
- 25% opted for word of mouth/peers recommendations
- 10% believe a bigger high street presence would help increase confidence
- But 30% wouldn’t know how to judge the credentials of an equity release ‘specialist’, and
- 40% assume equity release advice is expensive.
Richard Espley is the Head of Equity Release at Goldsmith Williams:
“With equity release growing in popularity, it is now becoming essential that there needs to be an evident stamp of excellence and authority in order to help people identify a specialist in this field, much like the Law Society’s CQS does for solicitors operating in the conveyancing industry.
“Undoubtedly as the market grows, there will be an influx of ‘professionals’ to the sector offering ‘expertise’. Given the complexity of equity release and its significant undertaking, it is vital people considering taking out a plan do so under the guidance of an established specialist to ensure they understand both the financial and legal nature and implications.”
As a founding member of ERSA, Goldsmith Williams Solicitors is a recognised equity release legal professional.
Content correct at time of publication