Less equity released by retirees

The amount of money retired people unlocked from their homes fell to a six-year low during 2008. Falling house prices contributed to a 9 per cent drop in the value of equity released, however volume dropped by only 4 per cent. The researchers said that some of the decrease could be attributed to the increasing popularity of more flexible plans, which allow people to release the money they need in stages, rather than taking it as a lump sum.