Over-55s in southern England are three times as likely as those in the North to use equity release for an onward property purchase, new research reveals.

Figures from More2life show that borrowers in the South East, the South West and London accounted for 46% of all equity release mortgages taken out for the purpose of purchasing a new property.

Borrowers in the North East, North West and Yorkshire together accounted for just 15% of all equity release loans used for onward property purchases.

The regions where borrowers are more likely to use the money released to buy another property correlate with the locations in which house prices are at their highest and where borrowers have benefited from significant growth over recent years.

More2life chief executive officer Dave Harris says: “While the stamp duty holiday has come to a close, today’s figures highlight the important role equity release has played in helping people find their forever home.  

“This is never easy – especially if you need to find a property that has been adapted or can be in future – but equity release can provide the boost that people need in order to achieve this. 

“Although, higher house prices in London, the South West and the South East have seen more customers in these regions choosing this option, we have seen the benefits right across the country.  

“For some, it means finding their dream property while for others it means moving closer to family or amenities that support what they want to do in retirement.

“Having raised the profile of equity release with regards to property purchase, we are hopeful that this has put it on the radar of the wider adviser community and we will continue to see people benefit from these products.”