Equity release figures 2022

[One percent]

This isn’t going to end well

https://www.dailymail.co.uk/money/equityrelease/article-11666203/Equity-release-borrowing-soared-2022-amid-cost-living-crisis.html

Equity release lending to new customers increased 31 per cent in 2022 compared to the year before, as £6.3billion of cash was tapped from properties.

The number of equity release plans taken out over the year also increased 29 per cent taking the total to 52,295, according to equity release broker Key.

The typical customer released £106,806 of equity from the value of their home, it said, two per cent more than the £104,792 average in 2021.

[spunko]

 The AVERAGE release is over a hundred grand? I honestly expected the average to be a tenth of that size. WTF!

This article perfectly summarises the problem with boomers owning so much of the housing stock. I cannot wait for this cash tap to be cut off and boomer equity to drain to nothing. Call me sick, I don't care. It just isn't a healthy way to run your finances.

[Wight Flight]

2 hours ago, spunko said:

 The AVERAGE release is over a hundred grand? I honestly expected the average to be a tenth of that size. WTF!

This article perfectly summarises the problem with boomers owning so much of the housing stock. I cannot wait for this cash tap to be cut off and boomer equity to drain to nothing. Call me sick, I don't care. It just isn't a healthy way to run your finances.

It's their pension, innit?

[sarahbell]

23 minutes ago, Wight Flight said:

It's their pension, innit?

If they've extracted as much money as they can then they won't have anything for a care home?

[reformed nice guy]

7 minutes ago, sarahbell said:

If they've extracted as much money as they can then they won't have anything for a care home?

Exactly. They have worked hard all their days (wife part time, both retired aged 52) so why shouldnt the young folk pay for their care?

[sarahbell]

Just now, reformed nice guy said:

Exactly. They have worked hard all their days (wife part time, both retired aged 52) so why shouldnt the young folk pay for their care?

Teachers? Retired in the 80s? (1980s) due to the excess of teachers they all got binned off on extra good pensions.

 

[King Penda]

3 hours ago, spunko said:

 The AVERAGE release is over a hundred grand? I honestly expected the average to be a tenth of that size. WTF!

This article perfectly summarises the problem with boomers owning so much of the housing stock. I cannot wait for this cash tap to be cut off and boomer equity to drain to nothing. Call me sick, I don't care. It just isn't a healthy way to run your finances.

It will be limited or baned 

[sancho panza]

23 hours ago, One percent said:

This isn’t going to end well

https://www.dailymail.co.uk/money/equityrelease/article-11666203/Equity-release-borrowing-soared-2022-amid-cost-living-crisis.html

Equity release lending to new customers increased 31 per cent in 2022 compared to the year before, as £6.3billion of cash was tapped from properties.

The number of equity release plans taken out over the year also increased 29 per cent taking the total to 52,295, according to equity release broker Key.

The typical customer released £106,806 of equity from the value of their home, it said, two per cent more than the £104,792 average in 2021.

This is what @Noallegiance has been banging on about for a week or two.Govt bascially trying to hide this release,clearly someone from the DM read his psots

More tanks on the lawn NA

[Chewing Grass]

36 minutes ago, King Penda said:

It will be limited or baned 

Turn out to be a PR disaster as it morphs into an engineered scandal.

[Option5]

I hope house prices collapse so that the money they took out is more than the house is eventually worth 🙂.

[King Penda]

14 minutes ago, Option5 said:

I hope house prices collapse so that the money they took out is more than the house is eventually worth 🙂.

Will be er firms vs councils via care costs the kids might get a few heirloom s

[eek]

14 hours ago, King Penda said:

Will be er firms vs councils via care costs the kids might get a few heirloom s

After Equity reelase if a parent ends up in a care home there won't be any equity left at all.

[King Penda]

16 minutes ago, eek said:

After Equity reelase if a parent ends up in a care home there won't be any equity left at all.

Exactly it’s why I think it will be limited in the future