Equity release 'could attract 1 in 3 babyboomers'

A significant proportion of the 'babyboomer' generation may be set to benefit from equity release schemes, a new poll suggests.

Almost one in three (31 per cent) babyboomers say they plan to move house in order to change their lifestyle and free-up cash for retirement, according to a survey conducted by YouGov for AXA Wealth.

The company points out that as 11 million of them move into retirement, this might mean that 3.5 million additional properties could be put on the market.

It could also be the case that increasing numbers of people opt to raise much-needed funds through equity release schemes, as the survey shows that 21 per cent of respondents expect to retire at the age of 70 or later.

There was some potentially good news for equity release schemes last month, with the Building Societies Association releasing a survey which suggested that house buyers expect property prices to grow over the next 12 months.

Ashall Glover Financial Services advising on equity release schemes