Shrinking equity release market 'has not curbed demand'

The shrinking equity release market has not "stemmed interest" among customers, according to a leading industry expert.

Brits approaching retirement still recognise the need for equity release products, claims chairman of the Equity Release Solicitors Alliance Claire Barker, in an interview with Mortgage Strategy.

She explained: "As the baby boomers reach retirement the demand for additional income is increasingly apparent.

"It is vitally important that home owners retain equity release as a tool for financial planning in retirement."

Equity release trade body Safe Home Income Plans called on the newly-formed coalition government not to forget about the 18 million people that are due to be over 55 years old by 2011, many of whom will no doubt be keen on taking advantage of equity release.

The organisation's director general Andrea Rozario added that she hopes the standard of living for older people is prioritised by the new government so that the necessary and vital changes that are needed are made to legislation.

Ashall Glover Financial Services are equity release specialists