Following a tough start to the year due to the coronavirus pandemic, we are pleased to announce that our third quarter has seen a strong resurge of consumer appetite and business growth.
In comparison to Q2, our latest data revealed a rising interest in equity release, with enquiries increasing by a whopping 31%. This suggests that we’re set to finish the year in a strong financial position.
But how have we achieved this growth amidst a pandemic that has caused so much consumer uncertainty? By fundamentally changing the way we do business.
Continue reading, below, to find out how the launch of our own digital channels guided us to success.
Our response to COVID-19
With national lockdowns and social distancing regulations in place, our traditional face-to-face appointments were no longer viable during Q2.
But rather than postpone these meetings, we decided to move them online. This allowed our customers to receive equity release advice and information from the comfort of their own home; a feature that has proved very popular. Even now, as we return to some form of normality with face-to-face appointments, our video communications channel has seen a 3.7% boost from Q2.
No doubt, this flexible approach contributed to our strong third quarter performance. Not only was there a 45% increase in lending, but Q3 also saw a 42% uplift to new plans. Average case values also rose by 4% compared to the previous quarter.
We also saw an increase in case sizes regionally, indicating that consumer confidence is returning to the market throughout the majority of the UK. Scotland recorded the largest increase at an impressive 18%, with Yorkshire and Humberside close behind at 16%. London and the South East also enjoyed an increase in case sizes, both at 10%.
The only significant outlier was the North West, which experienced a decrease of 8%. This is likely because the region continued to experience strict lockdown regulations compared to other areas, affecting consumer confidence.
A pioneering approach
While we are seeing slower growth compared to this quarter last year, we feel that we have successful navigated the uncertainty of a global pandemic; a commendable achievement unto itself.
Like many businesses this year, we contended with new challenges and unexpected obstacles. It was only by staying true to our ethos of putting the customer first that we were able to adapt nimbly to ever-changing situations and emerging industry trends.
This pioneering approach has seen our enquiry levels surge, and enabled us to buck the market trend, setting us in a strong business position for the remainder of the year and beyond.
To find out more about how you can release equity, contact the Equity Release Supermarket team on Freephone 0800 802 1051 or email today.