Property owned by pensioners has topped the £1 trillion mark after average values rose by nearly £50 billion in 2005, according to retirement housing group, Economic Lifestyle.
 
Its figures say that the average retired homeowner has seen the price of their home rise by £3,360 during the past three months, up to £174,495.

Of the UK’s 6.3m pensioners, those in London saw the biggest property value rise – £16,005 on average.

But the group warned that the property market would slow in 2006.

Pensioners in Scotland saw gains of £14,568, and there were rises of £11,909 in the north-east of England.