The average home owner aged 65 or over makes nearly £1,200 a month from their property according to a survey by an equity release firm.
Retired homeowners have seen their property wealth grow by more than £33 billion in the past six months with the housing boom earning the average pensioner nearly £1,200 a month.
Pensioners who own their homes outright have earned an average of £7,117 each from their homes in the past six months taking their property wealth to a new record high.
In the five years since Key Retirement Solutions started monitoring the housing wealth of the over-65s, in January 2010, total pensioner property wealth has increased by £81.27 billion - the equivalent of £17,323 each.
Over-65 homeowners now own property wealth of £861.188 billion outright as house prices across almost all of the UK rose.
Retired homeowners in London were the biggest winners gaining an average of more than £20,675 each in the past six months, while homeowners in the south east are more than £14,123 better off and pensioners in East Anglia are £13,105 better off.
Only retired homeowners in the north east saw a fall in housing wealth with average losses of £581 in the six months.
Nearly a fifth of all pensioner property equity is owned by over-65s in London with total wealth of £167.731 billion. Nearly two-thirds of pensioner property wealth is concentrated in London, the south east, the south west and East Anglia.
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While I have sympathy with your more general point about young buyers and the difficulties they are having in getting on the property ladder, I have to take umbrage with your description of the PRS as dodgy and unregulated. It's got flaws, issues and needs more regulation, but it's not quite as bad as certain sections of the media would have you believe.
Like anything, there are good and bad landlords. I'd be happy to put it on record that the number of good landlords outweigh the bad, but the actions of the rogue, unscrupulous ones get all the attention and give us all a bad name. It's the same with estate agents - the whole industry is tarred with the same brush because of the actions of a few greedy, unprincipled charlatans.
And now the government are going to make it even easier for older people to buy property with their ludicrous pension reforms. While the younger generation are left to rot in the dodgy and unregulated PRS for the rest of their lives. Inspired.