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TUESDAY 26TH APRIL 2005  UK TOWNS & CITIES LEAD EQUITY RELEASE Brighton and Sheffield were the joint most popular towns in the UK for equity release in the first quarter of this year, followed by Birmingham and Leicester in joint second. This shows that the growth in equity release in the UK is being lead by towns and cities across the UK, which epitomise ‘Middle England’, said Key Retirement Solutions in their 2005 Q1 report. Reversion plan sales remained low, which is understandable due to historically strong house prices, and recent regulatory worries. Due to the widening perception that the housing market is reaching its peak in price terms, the relative attraction of reversion schemes (which involves the sale of a home) becomes greater again suggesting their popularity will improve over the next year. The average age of an Equity Release borrower is 71 years old (Q4 2004: = 70). The loan to value ratio continues to hold at 24% (Q4 = 24%) but the typically amount release dropped to £45,685 (Q4 = £47,683) on a £193,117 (Q4 = £194,925) property. The number of plans in the first quarter of 2005 was 7958, which is 32.19% higher than Q1 2004. The value of equity release plans was £376 million, up 38.75% on the same quarter in 2004 (see graphs one and two). This continued the record growth trend apparent at the end of 2004 when both Q3 and Q4 boasted more than £370 million worth of equity release plans sold. A key reason for this increase is the new levels of confidence inspired by recent mortgage regulation as well as the increasing number of over 65s looking to supplement their retirement income and take advantage of the growth in their properties value. Outstanding equity release plans are currently valued at £4.27 billion, representing over 97,200 plans. Due to strong growth in equity value over the last 10 years, outstanding total equity in residential property in the UK amounts to well over £2.2 trillion, of which Key Retirement Solutions estimates over £1.03 trillion is available to over 60 year olds. There is therefore huge scope for further growth. Regional analysis of new business trends reveals that the fastest quarter on quarter growth in the value of plans has been in London (38.69%), Scotland (30.12%), East Anglia (24.41%) and Wales (21.52%).

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