Over half of equity advisers believe that more product innovation will be key to business success in the next 12 months.

New research from More2life, which reveals that 54% of close to 600 equity release advisers named the product innovation as such an important factor, also shows that 35% of advisers would like to see the development of a mortgage that can transfer to an equity release product at the borrower’s request.

Meanwhile, 21% of advisers requested a later life lending product that allows for regular small drawdowns.

And 20% of advisers, mainly from larger, residential firms, would like to see a “more holistic approach to advice that covers pensions and property”.

The research also asked about market confidence. Here, 94% of advisers are confident in the equity release market over the next 12 months compared to 71% in the residential property market.

Additionally, 91% of equity releases advisers are confident about the future of their own company.

More2life chief executive Dave Harris says: “It is good to see that advisers are optimistic about the future of the equity release market as well as their own businesses.

“Today’s research makes interesting reading and gives providers a clear mandate to focus on product innovation, adviser support and consumer education as a matter of priority.

“There is much to be positive about in this market over the next twelve months as it looks to return to strong growth