Over 23,000 new and returning equity release customers cashed in on property wealth via equity release between January and March this year.

The 23,395 figure represents a new quarterly high, according to the Equity Release Council.

It is the first time that total customer numbers have exceeded 23,000 in any quarter and compares with 19,975 in Q4 2021 and 16,527 in Q1 2021.

Total quarterly lending reached £1.52bn between January and March, up from £1.34bn in Q4 2021.

The average new loan size grew 6% year-on-year and the number of new plans in the first quarter was 12,174, a 21% increase year-on-year.

March was the busiest month for new plans, with 4,560 completions.

Drawdown lifetime mortgages remained the most popular option with new customers (54%), while 46% opted for a lump sum lifetime mortgage.

David Burrowes, chair of the Equity Release Council, said: “The popularity of equity release so far this year is the natural result of modern products offering greater flexibility and a property market where growth has far outstripped inflation, alongside an ageing population.

“After two years where customer numbers have been subdued by the pandemic, realising gains from rising house prices can make a major difference to people's quality of life."

A total of 150,653 new and existing equity release customers have been active during the pandemic, starting from Q2 2020, compared with 171,586 in the previous two years.