Exactly a year ago I sat in my home office writing an article on equity release not thinking for a minute we would still be working out how to safely get back to “normal”. Today marks the next stage with the opening of non-essential shops and parts of the hospitality sector, our local barber had a queue of 20 or more and snow fell in London to welcome those wanting an outdoor pint!
We have all had to deal with the fallout from the pandemic, at Lyndhurst we have continued to service our clients with most of our team working from home. For our clients it has certainly been a tumultuous year, particularly for equity markets, with the US reaching record highs at the end of the first quarter 2021. It got me thinking as to how the equity release market had performed during 2020 and so I read with interest the Equity Release Council’s Spring 2021 Market Report.
Here are some highlights from the report: –
- The total value of UK private property passed £6trillion for the first time on record at the end of 2020 as market activity recovered from the first coronavirus lockdown.
- Over-55s withdrew 46p of property wealth for every £1 of flexible pension payments in H2 2020, in line with 2019 as property plays an important role in the retirement funding mix.
- The number of equity release products available rose by 100 in the second half of 2020 to reach 488 in total.
This suggest to me that that the market has held up well and that, used wisely, equity release is a valuable part of long-term financial planning.
At Lyndhurst we are members of the Society of Later Life Advisers, SOLLA, and advise our clients on how they might achieve their financial goals both before and after retirement.
There are many different equity release solutions that we can use depending on your circumstances and objectives and as independent financial advisers you will be able to discuss your requirements with one of our qualified advisers ensuring you get the best possible advice considering all your options.
While we are mostly working from home, we are still able provide our clients with the excellent financial advice we are known for; our telephone number is 01582 715777 or 01462 441100. Or you can contact us via our contact form.
Finally, as a nation we are in a week of mourning for Prince Philip, Duke of Edinburgh, an inspirational life of service.