Gould Harrison logo
Contact Us
Call us on
01233 646411
Email us
call-to-action call-to-action-mobile

Retired homeowners' property wealth hits yet another high

Search for properties

To buy or to rent?

Property type

Minimum price

Maximum price

Minimum bedrooms

Fri 24 Mar 2017

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.