The Equity Release Council saw a 97 per cent rise in its membership over the last two years, increasing the total number of firms from 219 to 431.

The body has also seen a 77 per cent rise in the number of individual registrations, from 673 in December 2017 to 1,193 in January 2020.

Furthermore, the council says that it is working with awarding bodies to ‘evolve’ industry qualifications, and that it will launch a new competency framework this year for financial and legal advisers and other supporting roles.

It adds that its aim is to meet future demand from older customers for advice on accessing property wealth via equity release.

Equity Release Council chairman David Burrowes says: The option of accessing property wealth increasingly registers on people’s radar when planning for later life. The council’s growing membership means more people can access the highest level of consumer protection for any property-based loan when exploring whether equity release or alternative products can help to meet their needs.

“The UK’s ageing population faces longer life expectancies, intergenerational pressures and more individual responsibility to make financial provisions. The challenges of a 21st century retirement mean that, while unlocking property wealth is not suitable for every circumstance, it should be on every homeowner’s checklist to consider.”