The total value of equity released from property in the third quarter rose 18.8% to just over £1bn.

There was a 12.5% drop in the sales of equity release plans in 2020, according to a new report.

In the first quarter of this year the number of over-55s turning to equity release products increased year on year but they took less cash out on average than previously.

Equity release and later life provider Key Retirement has promoted Will Hale to chief executive and announced plans to increase its total number of equity release advisers to more than 200 by next year.