The average age among applicants over the first half the year stood at 69 years old, representing a drop from the average among Pure Retirement’s customers of 74 years old seen in 2018.

The lender also saw a 3% year-on-year increase in average house prices among applicants, with the H1 average of just under £416,000 representing the lender’s highest average property value since 2021.

While 62% of completed cases came from owners of properties of under £400,000, an additional 26% came from those who reside in homes valued at between £400,000 and £700,000.

Lump sum continues to be the favoured plan type among the lender’s customer base, accounting for 53% of completed cases over the first half of the year – however, this is the lowest share over the lender’s data history (which peaked at 65% in 2021), showing that people are increasingly willing to explore the flexibility afforded by drawdown plans.

Additionally, the lender found that 58% of completed cases over the first half of 2024 have been on a joint-lives basis, while among single life applicants 67% are female – this represents a 3% swing compared to 2023 and brings it in line with the proportions seen in 2021.

Commenting on these latest findings, Pure Retirement chief executive Paul Carter said: “I don’t think the importance of understanding customers can be understated if we’re to continue to deliver best outcomes for those exploring lifetime mortgages as a potential avenue to achieve their financial goals.

“These latest figures continue to show the diverse range of profiles that modern equity release products are appealing to, providing a strong foundation on which to continue to build over the rest of the year and beyond.”