Equity release plan sales grew by 29% in the first six months of 2018, compared to the same period in 2017, according to Key Retirement data.

And the value of property wealth released to the end of June increased by 37% to £1.71bn, from £1.24bn in the previous year.

More than one in five use age partnership equity release to pay off interest-only mortgage debts, driving an increase in the typical amount released to almost £78,000, from £70,000 a year earlier.

An increased number of people are also using cash from their home to gift to family members, the research showed.

Overall retired homeowners released an average £9.5m of property wealth from their homes every day in the first six months of the year as the market continues to boom, according to Key Retirement’s report.

The most popular use of the money released in the six months was to fund home and garden improvements with 63% of retired homeowners spending some of the money on their houses.

Dean Mirfin, chief product officer at Key Retirement, said: “Customer demand is driving the expansion in the market to new record highs enabling more retired homeowners to transform their finances.

“More money was released in the first six months of 2018 than in the whole of 2015 as records continue to be broken across the market with expert independent advisers playing a vital role.

“Property wealth is not just helping to transform an individual’s retirement planning but is also helping their families with their financial needs.

“The growth in gifting underlines how much can be achieved when the average amounts being released are as much as £78,000.

“The Bank of Mum and Dad, or Gran and Grandad are changing lives, and not just their own.”