Pure Retirement has found that average new lifetime mortgage customers’ property value has risen over £122,000 between 2018 and H1 2024, as part of a research paper launched today.
Entitled ‘The Evolving Lifetime Mortgage Customer: an exploration of changing equity release demographics’, the research found that from a 2018 average of £293,680, the average has steadily risen to sit at £415,746 by the middle of this year – an increase of 42% over the period in question.
The report traced emerging patterns around demographic trends, aiming to widen understanding of both the current customer profile, looking at key drivers such as age, property value, marital status, plan type, application type and gender distribution among single applicants.
Owners of properties worth over £850,000 had the highest appetite for drawdown plans of any cohort.
Nearly seven in 10 (67%) single applicants are female.
Gareth Ware, report author and Pure Retirement communications manager, said: “We’re pleased to deliver this new research piece to the wider market, helping to highlight how the profile of a lifetime mortgage customer has evolved over a relatively short period of time, and hopefully helping to dispel some myths along the way.
“The new report also highlights the importance of the effective use of data, and the ways it can enhance understanding to offer appropriate product solutions and achieve best outcomes for consumers.”
