Pensioners own more than £750 billion worth of property
New data shows property wealth for pensioners to be increasing
August 30, 2012
Over-65s are now worth £756.7 billion from property alone new figures reveal. They have by far the highest amount of property wealth of any demographic due to the large proportion who own their home out right. Despite the housing market flattening out over the last 3 months this wealth increased by £13.66 million, equating to almost £3,000 each.
However the gains were not universal. As always national figures on the British housing market can be very misleading. Each region has a very different story to tell. Over 65s in London saw an average increase of just under £16,000 each over the last three months, whereas Pensioners in the North-west, East of England, Yorkshire and Humberside and the North-east all experienced a fall in the value of their homes. The figures released by equity release specialists Key Retirement Solutions show that 31% of pensioners seeking to release equity in their home were doing so to lend to a loved one.