More and more people are choosing equity release to provide them with much-needed financial support, according to the Equity Release Council.

The Equity Release Council Market Report examines the profile, property wealth and product choices of more than 37,000 customers who have taken out new equity release plans since 2011. The total annual value of plans agreed has grown by 36% in that time to £1.07bn while customer numbers have swelled by 17%.

The report reveals that the growing uptake of equity release is being driven by 65-74 year olds as people work for longer. This age group made up 59% of new customers in 2013, up from 56% in 2011.

It also shows the average equity release customer owns property worth £254,943 – 5% more than the UK average – and releases less than a quarter of this housing wealth (22% in 2013).

Equity Release Council Chairman, Nigel Waterson, said: "A growing number of older people are using their properties to offer financial as well as physical comfort

"In a climate of low retirement incomes and a recovering housing market, equity release offers an increasingly attractive way to live comfortably in later life without sacrificing the place you call home.

"Those choosing equity release enjoy low borrowing rates and three levels of protection through a structured financial advice process, face-to-face legal advice and product safeguards that have underpinned the industry for more than 20 years."

Peter Lawrence at Lawrence Rand added: “Equity release provides an option some older home owners but must be approached with great care and consideration.

We shall be pleased to advise on options and property values.”