Age Partnership, the equity release specialist, is to create a further 200 new jobs in 2018, citing huge demand for retirement services
Andrew Thirkill, executive chairman of the Leeds-based group, said that the expansion plans “are aimed at ensuring we continue to keep pace with market demands”.
“Going into 2018, the equity release market is already at an all-time high, and with many major high street names now either considering, or having already entered the market, it will continue to thrive,” he said.
The company increased its staffing levels by 43 per cent last year, and now has over 500 full time employees. It is also doubling its office space in Leeds.
Mr Thirkill said that the new jobs will cover a wide variety of roles including equity release and standard mortgage specialists, as well as administrative roles.
The equity release market is booming, and Mr Thirkill said that the business advised on one in every four equity release cases in the UK.
The most recent figures from the Equity Release Council (ERC) showed a 42 per cent increase year-on-year in homeowners using the plans, with 20 more plans available.
Recent figures from Responsible Equity Release (RER) showed that the average amount of equity released by individual homeowners in November hit an all-time high of £85,946, up from £70,851 in October.
Last year’s announcement that building society Nationwide would enter the equity release market was a further example of how mainstream equity release has become. The Nationwide product is backed by Age Solutions, part of Age Partnership.