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Aug 16, 2006
The Council of
Mortgage Lenders (CML) has released new data which shows a volume growth, but a
decline in value, in the equity release market during the first half of 2006.
CML figures show
that the number of new equity release mortgages increased by 2% over the same
period last year from 10,877 to 11,130. However, by value there was a decline
of 7% on the figure achieved in the first six months last year, from £493
million to £460 million. These statistics bring the total number of outstanding
equity release mortgages to 113,678, valued at £5.8 billion, representing just
0.55% of all outstanding lending.
According to CML
senior policy adviser Laurence Baxter, this latest data paints an encouraging
picture of the equity release market. “More people are taking out equity
release mortgages, showing that slowly but surely, the market is continuing to
grow. Consumer confidence will continue to improve if the good practices of
providers and some intermediaries become more widespread across the market,”
Baxter explained.
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