Equity Release 'as popular as ever'

Demand for equity release is as strong as ever, despite the current uncertainty surrounding the economy, a leading expert has stated.

The chairman of the Equity Release Solicitors’ Alliance, Claire Barker, said that there has not been a decline in the number of people looking to supplement their finances through equity release.

Speaking to the Mortgage Strategy, she explained that there is "a need for these products to remain in existence" and demand for them is even more likely to carry on rising over the next few years.

"As the baby boomers reach retirement the demand for additional income is increasingly apparent," Ms Barker noted.

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

The comments just days after Mike Fosberry, president of the Personal Finance Society, warned that the UK may still not be fully out of recession.