The decision to leave the European Union has directly fuelled a surge in enquiries for equity release products according to Boyd Legal.

With reports suggesting UK wide enquiries have increased by 44 per cent following the vote; June 2016 also marked the busiest ever month for Boyd Legal’s equity release department, with a total of 54 new cases – for assets worth more than £5 million.

Equity Release is an option for the over-55s and enables the release of cash without vacating a property – typically a solution deliberated for many years prior to purchase.

Since 2014, the UK Equity Release market has grown by 24 per cent to £1.71 billion. Figures released for Scotland by the Equity Release Council highlighted that the second half of 2015 saw the largest growth rates since 2008, with the average amount taken out via a lump sum product reaching £39,834 north of the border.

Managing director of Boyd Legal, Peter Boyd believes the service will continue to accelerate due to the high level of uncertainty following the outcome of the June 23rd vote.

He said: “It is quite incredible to witness the instant impact brought about by our decision to leave the European Union.

“The upturn in equity release figures is compounded by a number of elements. For one, the Bank of England may not have responded as expected by reducing interest rates to a new record low; however savers have yielded little or no return since the 2009 – impacting retirees the hardest.

“A shortage of smaller homes emerging to the market has also limited downsizing – and the ability to free up equity in a larger home. Add to the mix the post-vote general economic uncertainty – and the public concerned about investments – and it is little surprise equity release services are seeing unprecedented demand.”

Business development director Robin Rourke, said: “Although there was an impact around the time of the independence referendum, Brexit has been the single biggest event to impact client attitudes – with not one person failing to mention it.

“There has also been talk about equity release products coming to an end – however we are keen to support this important lifeline for pensioners on a fixed retirement income.”

Equity release, also referred to as “later life advice” is available in two formats. The most common is a lifetime mortgage where you do not repay the money you release from the property until you have left the property or have passed away. Interest accrued is compounded annually, and will build up over the duration of your equity release and become part of the final sum to be repaid.

The second format is a home reversion in which the customer sells all or part of the interest on the home - in return receiving money and a lease enabling them to live in the home rent free.