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Over 65s are property rich

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Over 65s are property rich

Retired homeowners have property wealth totalling £750 billion, according to equity release adviser Key Retirement Solutions.

The company’s Pensioner Property Index highlights the fact that homeowners over the age of 65 have gained £863 million in property wealth during the last three years.
Dean Mirfin, group director at Key Retirement Solutions, said: “The housing market has stabilised in the past three months but remains very volatile. The gains of the past three months are welcome but don’t make much of a dent in losses this year.
“However, the over-65s own considerable property wealth, which still represents a massive investment success as they no longer have mortgages and will in most cases have bought more than 25 years ago.”
Despite stabilising house prices, the older generation’s property wealth has still fallen by more than £17.5 billion – or around £4,000 each – since the beginning of the year.
The area with the highest mortgage free property wealth was London, where pensioners owned property worth £125 billion outright, followed by the South-East at £122 billion. In contrast, those in the North-East owned mortgage-free property worth £28 billion.

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