Strong equity release demand at Just Retirement

Equity release specialist Just Retirement has recorded higher sales for the three-month period ended September 30.

Equity release mortgage advances grew 39.3% to £69.8 million during the quarter compared with £50.1 million during the corresponding period in 2009. Annuity sales grew 7.5% to £175.7 million compared with £163.5 million.

Rodney Cook, CEO at Just Retirement, said: “Demand for equity release mortgages remained strong. We believe that this reflects the combined effects of fewer providers in the market place and the growing acceptance of the product as a logical option for retirement income planning.

“During the period, I am pleased to report that Just Retirement supported the launch of the Saga equity release product. We remain convinced that this market has long-term growth potential which will be become more apparent as providers with the provenance of Saga enter the market place.”