Key Retirement Solutions (KRS) estimates people who have already accessed equity release still have a further £118m available to be withdrawn from their properties.

Sales of equity release plans across the market rose 3.8% year-on-year to 5,791 in the three months to 30 September 2011.

The average amount released during the quarter was £41,887, compared to Q3 2010 when the average was £48,884.

Dean Mirfin, director at KRS, said:

“The drawdown effect means total lending including the unused facility is more than £1 billion for the first nine months of the year confirming the strong growth in the market.

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“The increase in plan numbers remains the true barometer for the growth in the sector.”