Photo credit Lukasz Duleba
New research from over-55s financial specialist Key Retirement Solutions show that over-65s have earned £1,346 in the past three months from their homes. This increase has taken their total property wealth to its highest level since Key Retirement Solutions started monitoring the housing wealth of the over-65s in March 2010.
The firm’s Pensioner Property Equity Index shows over-65 homeowners now own property wealth of £807.249 billion outright as house prices across most of the UK rose.
The growth in property prices is helping to drive the equity release market which enables homeowners to release money from their houses – Key Retirement Solutions figures show £339.8 million was released in the first three months of this year with the average customer taking more than £61,230 from their home.
Retired homeowners in London were the biggest winners gaining nearly £10,700 on average each in the past three months while retired homeowners in Eastern England are more than £4,290 better off and pensioners in the South West are £2,283 better off.
But there were sharp falls in some areas – over-65 homeowners in Wales saw their average property wealth fall by nearly £5,000 in the three months while Scottish pensioners lost nearly £3,900. Retired homeowners in the North West lost £966.