It has recently been reported that retiredhomeowners have total property wealth owned outright of £756.6bn despite continuing housing market volatility. This figure comes from research from equity release provider.
Homeowners aged 65-plus have gained a total of £4.4bn in the last three months, equivalent to around £962 each, according to the Pensioner Property Equity index.While overall housing wealth has increased there is a growing divide between winners and losers with six regions showing increases and five suffering declines.
Over-65 homeowners in Scotland were by far the biggest winners seeing average gains of £10,070 whereas over-65s in London and the east of England also benefited with gains of £3,867 and £3,548.
However over-65 homeowners in the north west, East Midlands plus Yorkshire and Humberside suffered average losses of £1,420, £1,203 and £1,111 respectively.
The figures show a third of property equity is owned by pensioners in London and the south east of England – in London over-65s own property without any mortgages worth £127.2bn while in the south east pensioners own £122.24bn of property without mortgages.
Dean Mirfin, group director of Key Retirement Solutions, said: “While the gains of the past three months are welcome the picture is not at all clear and, as the figures reveal, the recovery is very patchy. “ 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."
If you are one of these investors and want to explore what your house can provide for you Enable Independent, IFA’s in Bishop’sStortford can help you think it through.
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