With rising inflation, increasing energy prices and the threat of another recession on the horizon, it seems as though a growing number of older individuals may be considering equity release.

New data from trade body Safe Home Income Plans (Ship) has revealed growth in both customer numbers and lending figures within the industry.

In the third quarter of 2011, there was a more than ten per cent rise in the number of people taking out equity release, with figures going from 3,710 during the previous three months to 4,148.

Ship described this as "excellent" news for the sector, as it shows that more and more individuals are becoming aware of the potential opportunities and benefits the solution can have for them.

It was also revealed that members of the organisation made new advances totalling £206.2 million in the third quarter, up from the previous quarter's figure of £184.9 million.

Andrea Rozario, director-general of Ship, said: "Considering the wealth locked up in a property as part of general financial or retirement planning is essential, as it will continue to be the greatest asset most people have as they approach retirement."

"The UK population is ageing and with insufficient pension provision and the prospect of meeting significant care costs, we expect the demand for equity release products to increase significantly over the next few years," the expert concluded.

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