New data from Pure Retirement has revealed that 12% of its new lifetime mortgage business in the second quarter of 2025 came from homeowners with properties valued at £700,000 or more.

This is a significant increase from the 9% recorded in the first quarter and 10% in the same period last year.

The figures highlight a growing trend of wealthier homeowners turning to later life lending as a means of unlocking property wealth.

Pure Retirement, a specialist in the sector, reported that while higher-value homes formed a rising proportion of its customer base, the majority of new business still came from properties in the £250,000–£399,000 bracket. This group accounted for 36% of new plans in Q2, up from 32% in Q1 and consistent with levels seen in Q2 2024.

The average house price among new customers during the second quarter exceeded £404,000, continuing a pattern of the lender working predominantly with homeowners of above-average value properties.

Pure Retirement has consistently reported average customer property values in excess of £400,000 in recent years.

Paul Carter, chief executive of Pure Retirement, said the shift underscored the need for the later life lending market to adapt to a broader client base.

“Seeing such a proportion of business coming from high value property owners – and the fact it’s on an upward trend – only serves to underline the importance of offering later life lending solutions that can cater for a wide variety of circumstances,” he said.

“Statistics like this confirm the need for the later life lending market to recognise the diverse array of clients and continue to develop effective solutions to enable as many people as possible to achieve their financial goals.”

Carter added that the company hoped releasing this data would help advisers deepen their understanding of market dynamics and better support clients considering equity release as part of their financial planning in later life.