The equity release market is becoming increasingly competitive - a fact which is likely to improve the lot of consumers, one industry body has suggested.

Financial adviser Ruthven and Associates has stated that, as more products come onto the market, rates are improving for those hoping to release some of the value tied up in their properties.

Alec Ruthven, director of the firm, contended: "There have been one or two new entrants over the last couple of years, including Prudential and Just Retirement, and rates have become more competitive.

"It just gives more customer choice as well; it's easier to try and fit the right equity release product to the person's own need," he added.

Mr Ruthven believes that the market is also losing its niche reputation and is becoming more mainstream as increasing numbers of the elderly or those approaching retirement explore their financial options.

Meanwhile, Safe Home Income Plans has published research this week suggesting that equity release products still represent good value "despite increases in the Bank of England base rate".