The equity release market is set to grow by at least 30% over 2018 buoyed by new entrants and increased awareness , Dean Mirfin, director of equity release firm Key Retirement has predicted.
He made his predictions on the back of strong results for the both the market and his firm. Yearly figures from the Equity Release Council show the sector boomed in 2017 with lending breaking through the £3bn barrier.
And Mirfin is confident of another stellar year. He said: “The market grew 40% last year and I think 40% growth again in 2018 is realistic but only time will tell.
“I think we’ll see at least 30% of growth at least in the market. We could have another year like last year.
“We saw a huge amount of growth and there’s no reason we won’t see it again.”
January saw JLM Mortgage services, the mortgage and protection network, launch in a new equity release advice firm, called Equity Release Mortgage Advice, and Mirfin predicted more and more firms will follow suit.
He said: “I think as this market grows, naturally more will get involved, which is a good thing. If the quality of advice is there, the more advice the better.
“I think different firms and organisations are getting involved in different ways, for example, either expanding and doing them or referring clients to equity release firms like ourselves.”