One in seven (15%) saw equity release as a way of managing potential IHT liabilities.

Advised clients of equity release specialist Key Group released more property wealth on average than the wider market at £133,048 compared to £114,354.

The cost-of-living crisis was another driver of advised clients turning to equity release, Key said.

One in three (31%) equity introducers interviewed by Key said the crisis was leading to clients trying to reduce expenses, with 26% feeling cautious about investment decisions, and 20% worrying about retirement finances.

Over half of introducer clients (56%) were paying off mortgages, over double the rate for the wider market at 24%.

Jason Ruse, business development director at Key Partnerships, said: “The differences in how customers in the introducer market use equity release to the wider market reflect the development of the later life lending market.

“The increased focus on inheritance issues and the interest in using equity release for IHT planning underline the breadth of the equity release market and the potential for introducers to expand the services they offer clients through a referral partnership.

“While there are clear differences, some things remain the same and introducers will have clients feeling the pinch from the cost-of-living crisis emphasising the role of equity release in meeting a wide range of customer needs.”

• Key interviewed 850 introducers, including IFAs, accountants and mortgage brokers.