Over-55s rush to withdraw cash after Bank of England warning

NewsCost Of LivingYour MoneyData shows total lending increased10:00, 06 Aug 2026Over-55s are turning to property wealth to fund their retirement - as average withdrawals hit £113,000. The equity release market returned to growth during the second quarter of 2026, according to the latest report from the Equity Release Council.‌Data shows total lending increased to £597 million during the second quarter of the year, up 4 per cent on the previous quarter (£574 million). Overall customer numbers also rose 4%, to 13,489.‌The average new lump-sum borrowing fell 6 per cent over the quarter to £113,779. Equity release was recently referred to as the “fourth pillar” of later life income by the Financial Conduct Authority, alongside pensions, savings and investments.‌READ MORE John Healey student lo