You are here: Home - Mortgages -

Pensioners own property worth well over £750bn

0
Written by:
26/11/2012
Retired homeowners have total property wealth owned outright of £756.36bn, according to new research from equity release adviser Key Retirement Solutions.
Pensioners own property worth well over £750bn

However this is not the case everywhere, as homeowners across the country aged 65-plus lost a total of £368.9m in the past three months – equivalent to around £80 each – as the housing market stabilised.

But the national figure masked major gains in London where the average over-65 homeowner gained £4,326 in the past three months while in the East of England they were £1,786 better off and £1,232 better off in the South East.

Over-65 homeowners in London have seen average gains of around £21,000 this year with the East of England £3,350 up and the South East £3,930 ahead.

All other regions are either slightly down or marginally ahead.

Dean Mirfin, group director at Key Retirement Solutions, said: “The housing market has stabilised but there is a real regional divide with big gains in London, the East of England and the South East.

“The rest of the country has either seen marginal gains or relatively small losses this year.

“But whatever happens in the housing market over-65s own considerable property wealth which represents a massive investment success as they no longer have mortgages on homes they may have bought more than 25 years ago.

“The equity release market is seeing strong growth in the number of plans sold and the money released as more pensioners opt for drawdown products.

“They enable customers to benefit from lower borrowing costs today, allowing for increased flexibility to access further funds over time as and when required.”

 

 

 

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Insurance Experts: Are you fully insured? Click here to get a quote.

For a free quote or to speak with an insurance expert call 0800 1218744

Woodford’s new income fund drops out of top traded list

Star manager Neil Woodford’s Income Focus fund has dropped out of a platform’s top traded list, just five mont...
Woodford’s new income fund drops out of top traded list

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.
Tesco expected to post significant write-offs

Why selling on eBay just got more expensive

Thousands of people selling goods on eBay will see the cost of using the site increase. Here are the best alte...
Why selling on eBay just got more expensive

Ryanair jetting towards US flights for £10

Ryanair is on course to achieve its long-held ambition of offering transatlantic flights to the US – and the...

Investing in car parks: a good vehicle for income seekers?

As the search for income continues, many investors are turning to alternatives, with car parks becoming increa...

Tesco expected to post significant write-offs

Tesco is predicted to unveil the biggest loss in its 100-year history, according to analysts.

Results round-up: Companies to watch this week

Mulberry and more will face the music this week.

Product launches of the week

Select Property Group, Schroders, Leeds Building Society and more have exciting news this week.

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

Read previous post:
2227334-shutterstock-6834553
Only 13% plan to downsize property

Just 3.25m homeowners aim to move to cheaper property when they stop work, freeing up £186bn to help fund retirement.

Close