£750m of equity was released in H1
Around 1000 extra customers took out equity release plans in H1 2015 year-on-year while they released £753m in the process, up from £641m in H1 2014.
The money released per customer also increased from £65,000 in H1 2014 to £68,500 in H1 2015.
Dean Mirfin, technical director at Key Retirement, said: “Property wealth is making a massive contribution to retirement planning and the equity release market is growing rapidly in response with double-digit growth.
“The average amounts released at £68,500 are more than 50% bigger than the average pension pot and are also tax-free highlighting the advantages of using property wealth in retirement.
“Cuts in pension allowances and contribution levels plus the review of pension tax treatment underlines that property investments are major assets which should be considered as part of anyone’s retirement planning.”
Nearly a quarter of customers (23%) used the money to pay off home loans, while three in 10 (29%) used it to pay off credit cards or loans.
In some regions the total value of property wealth released increased significantly, as it rose by 50% in the North East, 35% in the South East and 30% in London.