The average amount for a lifetime mortgage lump sum query has increased by 29% from last year, new analysis by Advise Wise has shown.

The later life sourcing platform revealed that the average amount searched for increased from just under £110,000 in H1 2024 to around £141,500 over the same period this year.

Advise Wise also observed a similar pattern when examining Q2 in isolation, with a rise from £112,950 to £142,800, representing a 26% uplift.

Among queries on drawdown products, the half-yearly average reserve amount has risen from £57,710 to £67,820, an increase of 17%.

The first half of the year saw lump sum options continue to make up most searches, accounting for 57% of queries over H1. However, Advise noted that this represents a reduction from 62% seen over the same period last year.

“Our latest figures and findings echo the positive statistics that have recently been released from the Equity Release Council and UK Finance,” said Advise Wise chief executive, Jonathan Thirkill.

“Additionally, the increase in average loan amounts being searched for tally with recent research from lifetime mortgage lender Pure Retirement – who saw 12% of new business coming from owners of properties worth at least £700,000 in Q2 – in underlining the way later life lending is appealing to a broad spectrum of demographic and wealth profiles.

“However, there remains untapped potential and ongoing work needs to take place to bring market volumes back to the levels seen at the market’s peak in 2022.”

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