Retired homeowners see property wealth surge

A new study has revealed that retirees have seen the value of their properties surge by thousands of pounds in the last year.

Accord to the Pensioner Property Equity Index. the average UK home-owning pensioner has seen an increase of more than £3,150 in the price of their property in the past year.

Those aged over-65s, who have paid off their mortgage, have a combined property wealth that is valued at £1.133 trillion, which has risen by £14.78 billion in the past year.

The index, put together by equity release specialists Key, has analysed property wealth of the over-65s, who were mortgage-free, during the last decade and has revealed that retirees have enjoyed a growth in property value of 45 per cent equating to nearly £354 billion.

During the last year, retired homeowners in Wales saw the highest gain of £11,700, while other regions had achieved better than average results with the West Midlands experiencing a boost of £8,165, East Midlands £5,799 and the North West £4,355.

LINK: One in three will use property wealth to boost retirement income

Posted in Latest News.