Across the regions
Key’s Market Monitor, which analyses data reflecting the whole market, shows all regions apart from Northern Ireland saw a rise in the value of new equity released in 2021 with 10 recording double digit increases.
The biggest year on year rise was in Wales where the total value of new equity soared by 59% followed by London with a 48% increase.
Plan sales increased in eight of the 12 geographic areas tracked, but the only significant drop was in Northern Ireland where sales fell by 17%. The South East, West Midlands and Scotland all recorded strong increases in the total value of equity released despite plan sales falling.
The strength of the housing market in the South East and London meant those regions accounted for nearly half of all equity released during the year despite accounting for only a third of plans sold. The table below shows the breakdown across the country:
| Region | Number of plans sold 2021 | % change on 2020 | Total value of new equity released 2021 (£ million) | % change on 2020 (£ million) |
| South East | 9,652 | Down 1% | £1,228.678 | Up 19.8% |
| London | 4,243 | Up 9% | £942.199 | Up 48.2% |
| South West | 4.919 | Up 11% | £516.298 | Up 36% |
| North West | 4,227 | Up 6% | £315.736 | Up 33% |
| East Midlands | 3,652 | Up 8% | £281.845 | Up 26% |
| West Midlands | 3,493 | Down 4% | £277.468 | Up 12% |
| East Anglia | 2,481 | Down 6% | £216.072 | Up 14% |
| Yorkshire & The Humber | 3,003 | Up 12% | £193.325 | Up 25% |
| Wales | 2,231 | Up 24% | £161.737 | Up 59% |
| Scotland | 2,305 | Down 5% | £151.979 | Up 6% |
| North East | 1,443 | Up 6% | £94.949 | Up 28% |
| Northern Ireland | 341 | Down 17% | £19.993 | Down 12% |
| UK | 41,991 | +4% | £4,400.281 | +28% |
Kay Westgarth, Head of Sales at Standard Life Home Finance, commented on the Key Full Year 2021 Market Monitor:
“While the increase in customer numbers has been modest, a record £4.4 billion was released across the UK as customers look to help their families and improve their financial resilience. Re-mortgaging existing equity release plans has also been a feature in the market as increasing numbers of people realise the benefits of moving to a plan with a better interest rate and more flexible features.
“With the Pension Policy Institute suggesting that there will be more pressure on pension income than before, we anticipate that equity release and advisers in the market will need to play a more active role in many peoples retirement planning over the next few years.”
