Pure Retirement has analysed demographic trends over the first half of 2024 to form a picture of the average equity release customer.

The lifetime mortgage lender found that the average age among applicants over the first half the year stood at 69 years old, continuing the trajectory of younger customers seen across the industry, and representing a drop from the average among Pure’s customers of 74 years old seen in 2018.

It also saw a 3% year-on-year increase in average house prices among applicants, with the H1 average of just under £416,000 representing the lender’s highest average property value since 2021. While 62% of completed cases came from owners of properties of under £400,000, an additional 26% came from those who reside in homes valued at between £400,000 and £700,000.

Lumpsum continues to be the favoured plan type among the lender’s customer base, accounting for 53% of completed cases over the first half of the year – however, this is the lowest share over the lender’s data history (which peaked at 65% in 2021), showing that people are increasingly willing to explore the flexibility afforded by drawdown plans.

Additionally, the lender found that 58% of completed cases over the first half of 2024 have been on a joint lives basis, while among single life applicants 67% are female – this represents a 3% swing compared to 2023 and brings it in line with the proportions seen in 2021.

Paul Carter (pictured), Pure Retirement CEO, said: “I don’t think the importance of understanding customers can be understated if we’re to continue to deliver best outcomes for those exploring lifetime mortgages as a potential avenue to achieve their financial goals.

“These latest figures continue to show the diverse range of profiles that modern equity release products are appealing to, providing a strong foundation on which to continue to build over the rest of the year and beyond.”