Equity release provider trade body SHIP has published the equity release market figures for the second quarter of 2010, which show that intermediary sales now account for 81% of the market,8% higher than Q2 2009.
However, this can largely be accounted for by a substantial 29% fall in direct sales from over 1,200 (Q1 2010) to 860 (Q2 2010) while intermediary sales fell by just under 2%.
Total market advances fell by just under 8% to £196.7 million in the second quarter compared to £213.4 million in the first quarter. While the size of the market fell, the average sum advanced increased from £45,251 (Q1 2010) to £45,702 (Q2 2010).
Drawdown (Q2 2010: 2750) remained the most popular form of equity release, claiming over half of the market share (56%) with £110.7 million worth of advances.
Andrea Rozario, director general of SHIP, said: “Data from members for the second quarter of 2010 clearly shows that the decline in the market