Although the commercial mortgage market is still having trouble, it appears as though help may be on the horizon, thanks to some early indicators. While it is too early to tell what will happen in the commercial mortgage market, help may just be on the way.
Director general of SHIP, Andrea Rozario, said: “This success underlines the robust health of the equity release sector, despite the impact of the credit crunch that is having such a negative effect on the mainstream mortgage market. It also serves to highlight the distinctly different forces that drive the equity release market, relative to the mainstream market, including the fundamental pressures of the UK’s ageing population, falling levels of pension contributions and the very high levels of personal wealth held in housing equity.”
He concluded, “Despite the current fall in property prices, the very big increases of the past mean that typically, by far the biggest asset held by people later in life is equity in their home. This latest rise in volumes may have been influenced by people wanting to accelerate their plans to release equity for fear of property prices falling further over time, or it may have been simply the increasing pressure on finances cause by rising prices that are often felt hardest by those in or nearing retirement.”
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