x
By using this website, you agree to our use of cookies to enhance your experience.
award
award award
award award

TODAY'S OTHER NEWS

Retired homeowners' property wealth hits yet another high

Total property wealth owned by over-65s who have paid off their mortgages grew to a new record high of £1.072 trillion in February.

More than £7.66 billion has been added to the property wealth of the UK’s over-65 homeowners since November as the housing market continues to expand across most of the country, according to Key Retirement.

Since the firm started analysing over-65s housing wealth in 2010 retired homeowners have seen property wealth growth of 37 per cent - or £290 billion - which is worth around £66,000 on average for every homeowner.

Owning a home has been worth around £9,400 a year for over-65s.

Looking at the last quarter’s housing market performance, the firm says only those over-65s in London and Scotland saw the value of their total property wealth drop in the past three months. However retired London homeowners still own £177 billion of property wealth.

Retired homeowners in East Anglia saw the biggest growth in the past three months, and are now £4,265 better off while over-65s in the South East, Yorkshire & Humberside and the North East all saw gains of more than £3,400 each.

The ongoing strength of the housing market highlights how property wealth can make a major contribution to retirement standards of living as the equity release market expands. Average equity release customers are cashing in £78,000 of property wealth and as much as £143,000 in London.

  • Jon  Tarrey

    All is well for the baby boomers. Not so good for everyone else, mind.

    Goes to show how much wealth is now tied up in property - the ultimate asset. No wonder so many are so desperate to get on the housing ladder.

icon

Please login to comment

Zero Deposit Zero Deposit Zero Deposit
sign up