Knights, the UK’s largest regional legal services business, is the latest business to join the Equity Release Council (the Council).

With a team of more than 1,100 professional, Knights is one of the largest collaborative legal and professional services teams in the UK – with a presence in 26 locations nationwide. In addition to providing services to industries as diverse as healthcare, aviation and the energy sector, they also provide independent legal advice for clients who are taking out equity release as part of their personal services practice.

The addition of Knights means the Council now has 769 member firms and 1831 registered individuals. Council members include every active UK lifetime mortgage product provider, as well as financial advisers, solicitors, surveyors, funders and other market professionals, covering every stage of the equity release customer journey.

The addition of Knights to membership follows a number of new members to the Council including financial services review platform Smart Money People and specialist regulatory consultancy Square 4.   The increasing variety of member firms attests to the broad appeal and perceived opportunities for growth within the later life lending market.

The Council’s latest quarterly market report for Q3 2024* showed new plans agreed (5,370) and total lending (£615m) both grew from Q2. This made Q3 the first time since before the mini-Budget of Autumn 2022 that the equity release market has seen two successive quarters of growth.

Jim Boyd, CEO of the Equity Release Council, comments:

“We’re pleased to have Knights join the Council, bringing with them in depth knowledge and experience of legal services. For the right person, equity release can be life changing, allowing homeowners to supplement their pension income, make home adaptations or even fund at home care.

“The requirement for independent legal advice for every customer, enshrined in Council standards, has been a bedrock of the market for over 30 years and is integral to achieving high levels of customer satisfaction and low levels of complaints. We are therefore delighted to add Knights to the list of companies who by joining the Council is committed to helping the industry grow and deliver good outcomes for customers

“In Q3 2024, we saw the first two successive quarters of growth since the Autumn mini-Budget in 2022.  Heading into the new year, the later life lending market can take encouragement from this and we’re hopeful that falling inflation as well as greater political and market certainty will position 2025 as a year of strength and stability.”

Sally Peake, Partner at Knights, comments: “It is not easy to move away from a home where you’ve lived for years and where you have your support circle.  The personal and social impact of moving cannot be underestimated.  Equity Release gives people the option of staying in their home while releasing funds.

“To ensure that customers make good sustainable choices based on their individual and often complex circumstances, it is vital that they receive expert legal advice from well trained and professional firms. We are therefore pleased to be members of the Equity Release Council as this allows us to keep on top of developments and ensure our team can provide the very best support for clients in later life.”

ENDS

Notes to Editors

*The Council’s market data is compiled from actual whole-of-market returns and is not estimated nor grossed up, making it the UK’s definitive equity release data. All data has been collated by the Council, unless otherwise stated.

**The Council’s analysis uses official data from the Bank of England, Office for National Statistics (ONS) and Government departments including Work and Pensions and Housing, Communities and Local Government. The total value of UK housing and property equity are based on the latest market values reported by the UK House Price Index. Regional and age-specific estimates are based on UK House Price Index, English Housing Survey and Wealth and Assets Survey data.

About the product: Equity release allows older people to access the wealth in their homes, without necessarily having to sell or move. Lifetime mortgages make up more than 99% of the market. They enable people to borrow against their homes without making repayments unless they choose to. The loan and interest, or part thereof, is paid when the customer dies or goes into long term care. Since 1991, more than 675,000 homeowners have accessed £49bn of property wealth via Council members  to support their finances.

About Knights

With 26 offices nationwide, Knights is the largest regional legal services business in the UK. The business is ranked within the top 50 UK law firms by revenue – providing multiple services to business clients alongside premium advisory services to private individuals.

About the Equity Release Council

The Equity Release Council is the representative trade body for the UK equity release sector with more than 750 member firms and 1,900 individuals registered, including providers, funders, regulated financial advisers, solicitors, surveyors and other professionals.

It leads a consumer-focused UK based equity release market by setting authoritative standards and safeguards for the trusted provision of advice and products. Since 1991, more than 650,000 homeowners have accessed £46bn of property wealth via Council members to support their finances.

The Council also works with government, voluntary and public sectors, and regulatory, consumer and professional bodies to inform and influence debate about the use of housing wealth in later life and retirement planning.

For more information:

Visit www.equityreleasecouncil.com

Email Instinctif Partners at [email protected]

Phone Libby Wallis and Andy Lane on (0) 207 457 2020