• Current : Property wealth soars for retired homeowners

 

Property wealth soars for retired homeowners

Property wealth soars for retired homeowners

The latest data from Key Retirement has highlighted that homeowners who have retired have seen their property wealth soar by almost £13.7bn in the past three months.

Pensioners who own their homes outright have earned an average of £3,106 tax-free each from their houses in the past three months taking their property wealth to a new record high.

In the six years since Key started monitoring the housing wealth of the over-65s, total pensioner property wealth has increased by around 20% or £152bn - around £37,160 on average for every homeowner.

Over-65 homeowners now own property wealth of £917.1bn outright. Customers turning to equity release take out £72,000 on average.


Retired homeowners in London were the biggest winners gaining an average of around £15,061 each in the past three months.

Dean Mirfin, technical diretor at Key Retirement, said: “Retired homeowners have huge assets in their homes which can make a massive contribution to their standard of living demonstrating how important property investment is.

For many the major barometer of their financial well-being is the value of their home. The increase in values experienced since our research began in 2010 show the impact that property values can have on pensioner capital and income in retirement.

The cash that can be generated from property easily outstrips the average amount held in private pensions highlighting how important it is for homeowners to seek independent expert advice on how to use their housing wealth.”

Join our mailing list:

Leave a comment



Latest Comments

Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

view article
RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

view article
sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

view article
Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

view article
Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

view article
Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

view article
Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

view article
Samantha Goodman
Samantha Goodman 11 Aug 2017

It depends on the people, some older adults decide to make a long-distance move in order to live closer to their children or settle in a place with a lower cost of living.

view article
brandonlee10
brandonlee10 24 Jul 2017

The financial ramifications of the triggering of Article 50, the starting gun for Britain's departure from the EU, are far from clear. Buyers will be most cautious in London, given that buying a home in...

view article
IrisJ.
IrisJ. 19 Jul 2017

Great advice, but may I also add that when buying an already built home, make sure you do all of the proper inspections. Most importantly pest inspection because people tend to get surprised when they

view article
IrisJ.
IrisJ. 17 Jul 2017

The third point is, in my opinion, the most important one. People have become too inconsiderate and careless when it comes to rented properties. If a landlord wants to protect their property, regular visits...

view article
cornishalan
cornishalan 10 Jul 2017

Added to the cost of purchasing these village properties are the above average maintenance costs. Particularly where the property is a listed building or requires specialist building skills such as thatching...

view article

More articles from Finance

Property Finance Roadshow 2017

4th - 12th October

4 days
6 specialists
4 locations
Free to attend

Click here to register now