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More homeowners will release equity in their houses

More people will release the value available in their homes, predicts a consumer group.

Safe Home Income Plan (Ship) believes the number of home owners releasing equity will rival that found in Australia and the US.

The Council of Mortgage Lenders' recent figures show this is a significant market in these areas.

Andrea Rozario, director-general of Ship, said: "The reality is that declining levels of private pension provision and meagre state pension benefits will drive more people in this country to explore alternative ways to top up their income later in life,

"Some will work longer, but a very large number are planning to use the value in their property."

Ship reports that equity release may be hampered by the current credit climate but it could benefit from major mortgage companies offering this to customers.

"All that is necessary for this sector to increase enormously in size is for consumers – and their opinion formers – to recognise the huge improvements that have been made to most equity release schemes," added Ms Rozario.

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