Article date: 30 April 2007
- New Norwich Union research shows 75% of mortgage brokers expect to place more equity release business this year
Norwich Union, one of the market leading providers in the equity release sector, reacts to the publication of Safe Home Income Plans* (SHIP) quarter one figures.
Elizabeth Boardall, head of marketing, Norwich Union post retirement products, commented: "These figures are very good news for the equity release market. Not only have the total number of equity release plans increased almost 7% year on year but the total value of business written over this last quarter (£293.9 million) is a record for this period. In addition, the number of equity release plans sold via intermediaries has also increased 17% year on year.
"As a company, we recognise the important role that intermediaries and mortgage brokers have to play in the equity release process. Indeed, in recent Norwich Union research, we found that 63% of mortgage brokers claim they are personally qualified to sell equity release, placing an average 2.5 cases each year.
"Even brokers who do not currently place equity release business were positive about the sector with 45% saying that they are likely or very likely to start doing so over the next 12 months. This is a significant vote of confidence in the potential of this market from the broker community.
"Furthermore, as a whole, 75% of mortgage brokers believed they would place more equity release business over the next 12 months. The obvious confidence brokers have in the market and the record breaking Q1 SHIP figures bode well for the future of this sector. We look forward to seeing equity release go from strength to strength in 2007."
* = The equity release industry body that represents over 90% of the sector.
** = An on-line survey conducted via Teamspirit Limited, polled 127 mortgage brokers between 10 March and 27 April 2007.
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Notes to editors:
About Norwich Union
Norwich Union is the UK's largest insurer. It is a leading provider of life, pensions and investment products and one of the largest financial adviser (FA) providers. FAs provide over 70% of the company's long-term savings business in the UK.
Norwich Union's news releases and a selection of images are available from Aviva's internet press centre at www.aviva.com/media.