Bognor is equity release captial of Britian

The town is the country's hotspot for elderly people to swop some of the rising property values of the past decade for ready money.

Recent years have seen the Bognor area's residents take out 68 equity release plans for every 10,000 residents.

They are way out in front of the second and third towns in the league table '“ Spalding in Lincolnshire and King's Lynn in Norfolk with 44 and 42 of the plans for every 10,000 residents.

Bognor's table-topping position has been helped by its large proportion of elderly residents.

It ranks seventh out of 375 local council areas in terms of its population over 60 and fourth for those aged 70-plus.

Almost one in three '“ 31.8 per cent '“ of Bognor's residents are aged at least 60 compared to a national average of 20.9 per cent.

The trend continues for each decade of age. The over 70s make up 20 per cent '“ or one in five '“ of the Bognor area's population against 11.6 per cent nationally.

For the over 80s, the figure is 8.4 per cent or exactly double the national average.

The figures have been released by equity release specialists Home & Capital. Simon Little, the company's business development director, said it was unsurprising Bognor topped the table.

It was a popular retirement area whose house prices reflected that fact. This means that the average retired person had a lot of money tied up in their home which equity release could free.

"Bognor comes out top for equity release. And all the top four towns, which also include Spalding, King's Lynn and Deal, are on or near the coast, as well as having an above average elderly population.

"We can be sure that Bognor will continue to be an attractive retirement location for Britain's elderly population.

"Equity release is likely to grow in popularity there '“ and in other parts of the country," he stated.

"Even at these times of financial turbulence in the financial markets, equity release solutions continue to be available for customers who need them."