• 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

AbbieP.
AbbieP. 22 Jul 2016

"While house prices in the most expensive eleven boroughs have declined values in the cheapest eleven boroughs continue to rise" - not a nice way to even out the price range. London is overrated as it

view article
AbbieP.
AbbieP. 21 Jul 2016

And try to profit from your decisions, I may add

view article
CommercialTrust
CommercialTrust 19 Jul 2016

Retirement investment has always been one of the biggest draws of buy to let. And the buy-to-let demographic is, on balance, older. (Over a third of our applicants are over 50 at the time of application.) It...

view article
Forrest Wheatey
Forrest Wheatey 11 Jul 2016

I find the time perfect for ever home-owner wannabe. Prices should slowly, but steadily drop, at least for the inner buyer. Making it harder for outsiders to buy properties (the whole Brexit thing means...

view article
property guru
property guru 11 Jul 2016

Why should Ajay even have to be looking for it. It should be public knowledge. Why is not just publish each years and to were it is and be AUDITED. Accountability.

view article
property guru
property guru 11 Jul 2016

Surprise suprise

view article
CommercialTrust
CommercialTrust 30 Jun 2016

This is great news for buyers and investors in a period of significant uncertainty. The 10-year buy-to-let fix at 3.99% in particular is excellent, a clear 100 bps ahead of the nearest competition. Though...

view article
Lee
Lee 30 Jun 2016

Let's see what happens to north-east property prices when Nissan announce they're leaving.

view article
DmitriKara
DmitriKara 29 Jun 2016

I just read another article about eviction rising and this was exactly what was on my mind, Housing has become "cat and mouse"...

view article
DmitriKara
DmitriKara 29 Jun 2016

I am really not surprised. I've seen one too many impudent tenants and in my humble opinion renters have one too many privileges and options to abuse heir landlord in so many ways...

view article
DmitriKara
DmitriKara 29 Jun 2016

There is still so much uncertainty and I will surely step back and see what's happening before I could make any decisions on my end.

view article
ChristinaReedUK
ChristinaReedUK 20 Jun 2016

I don't understand why it's always a war between the two sides. Either, way the landlord is probably keeping a detailed inventory and will see the changes you've made. I just don't understand why there...

view article

More articles from Finance