Big fall in home equity market

The amount of number of retired people in the UK unlocking equity from their property has fallen by 22% on the previous year.

According to industry body Safe Home Equity Plans – SHIP – 5,328 less people took money out of their property during the three months prior to the end of June, down from 6,864 a year earlier.

SHIP attributed the decline to a fall in house prices, saying people were feeling less confident in unlocking money from their home when its value is dropping.