The data paints a picture of a sector which has been impacted – like others – by the Covid-19 pandemic but which is continuing to adapt.

In fact, figures show since the start of June 90 deals have been pulled from the market. But, at the same time, rates have also fallen on average from 4.27% in June to 4.26% today.

The fall is even bigger if you compare rates to July 2019 when the average was 4.89%. On this month a year ago there were 223 deals in the equity release market – there are 355 today.

Rachel Springall, finance expert at Moneyfacts, said while these were challenging times the equity release market was continuing to adapt with rates being cut but deals being pulled at the same time.

She added: “This changing landscape could be a sign of providers adjusting to challenges faced during the first half of 2020, and there is hope that the situation will improve as the UK eases out of lockdown.

She added: “Getting advice couldn’t be more important than now, but a recent survey from CoreData suggests one in five (19%) advisers feel more financial advisers will leave the industry in light of the Coronavirus pandemic and four in 10 (39%) expect the pandemic’s influence to widen the advice gap.”

The data comes just after Key released its latest Market Monitor reporting a 10% decrease year-on-year on the number of plans being taken out this year.

You can read more on Key’s report here.