Ahead of next week’s General Election, no major political party has considered the use of housing equity and how unlocking the wealth tied up in people’s home could be a solution to tackling financial issues, according to the equity release lender, more2life.

The lender has strongly urged the future government to consider how it can meet the needs of the UK’s 20 million over-55s and help them as they continue to provide support for a range of younger and older age groups.

Furthermore, with over-65s in the UK sitting on £1.6trn worth of property wealth alone, more2life has called for the new government to consider how these individuals can benefit from using their property wealth to achieve a more comfortable retirement and support their wider families.

more2life CEO, Dave Harris, commented: “While, this election is arguably one of the most important in recent memory, it is discouraging to see that the manifestos have not looked to directly address the longer-term concerns of the over-55s.

“This is a generation that is often supporting both younger and older family members while trying to make long term sustainable choices about their finances.”

more2life has suggested unlocking the wealth tied up in homes can help confront issues such as boosting retirement income, paying for care in older age and helping first-time buyers take a step onto the property ladder.

The lender noted that financial solutions, such as equity release, have gained in popularity in recent years – with customers unlocking nearly £1bn of property wealth in the third quarter of 2019 alone.

With over-55s accounting for almost a third of the UK population – and one of the biggest barriers to downsizing being the lack of affordable suitable property – a government focus on equity release would help to free up family homes, more2life suggested.

Harris continued: “Some indication from the parties that choosing to use your housing equity to make smart financial choices is encouraged would have been welcomed.

“As would more detail around what a government is doing to help people live longer independent retirements by facilitating the building of affordable accessible properties.

“Following the results of the election, I would very much hope to see more detail about their proposals and a clear realisation around the challenges which face both the country and individuals as they approach retirement.”

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