A report from industry leaders Key Retirement Solutions yesterday announced that over £1 billion worth of equity release plans have been sold for the second consecutive year.                                             

Detailed sector analysis from Key Retirement Solutions (KRS), the leading specialist IFA for the equity release market, revealed that 2005 was a successful year for equity release with 26,654 plans worth £1.21 billion being sold.  This was the second consecutive year in which over one billion pounds worth of equity release products were sold.

The value and number of equity release plans sold fell slightly when compared to 2004.  However, KRS attributes this to product development throughout 2005 and the period of adjustment required after new regulation was introduced in the earlier parts of the year.

Across the UK, the South East remained the region with the highest number of equity release plans sold at 5,216.

Scotland (53.65%) recorded the highest annual increase in the value of equity release plans sold followed by London (22.26%) and the North West (17.00%).  The North (-46.07%), the South West (-24.34%) and Yorkshire and Humberside (-21.48%) recorded the greatest decreases.

Dean Mirfin, Business Development Director of Key Retirement Solutions said, "We anticipate that well over £1.5 billion worth of equity release plans will be sold over the coming year as the increasingly competitive products are developed and at least one new provider enters the market"

Key Retirement Solutions is the UK's leading independent equity release specialist currently conducting 25% of all SHIP (Safe Home Income Plans) intermediary equity release business in the UK.  Its UK Equity Release monitor quarterly report represents the most detailed survey of the equity release market published on a regular basis.