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Tuesday 6th May 2008
The downturn in the property sector will not spell the end for equity release plans, according to the director general of SHIP (Safe Home Income Plans).
Latterly, the housing market has been marked by increasing volatility, with Halifax 's latest nationwide house price survey detecting a fall in house values of 1.3 per cent during April.
This had led some analysts to speculate that the equity release sector could be at risk.
However, according to Andrea Rozario, the future of equity release is assured by the fact that equity release is a long-term product, meaning that short-term volatility will not impact on the sector unduly.
She explained: "The current situation in the property market does not mean the door is closing on equity release - far from it.
"Falling property values do however make the very high standards that SHIP members must adhere to all the more important to consumers, especially the guaranteed security of tenure and the no negative equity protection that guarantees customers can never owe more than the value of their property."
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