Pensioner property wealth hits record high

first_imgHome » News » Housing Market » Pensioner property wealth hits record high previous nextHousing MarketPensioner property wealth hits record highNew figures show that over-65 homeowners now own property wealth of £861 billion.PROPERTYdrum31st March 20150497 Views Retired homeowners in the UK now collectively own property worth £861 billion with their total property wealth increasing by more than £33 billion in the past six months, the equivalent of around £1,200 a month each.New research from over 55s financial specialist Key Retirement Solutions says that their total property wealth is now at its highest level since the firm started monitoring the housing wealth of the over 65s five years ago, with pensioners who own their homes outright having earned an average of £7,117 each from their homes in the past six months.Since Key started monitoring the housing wealth of the over-65s, in January 2010, total pensioner property wealth has increased by £81.27 billion – the equivalent of £17,323 each.Its Pensioner Property Equity Index shows over-65 homeowners now own property wealth of £861.188 billion outright as a result of higher property prices across most parts of the UK.Retired homeowners in London saw the biggest gains, at an average of over £20,675 each in the past six months, while homeowners in the South East are more than £14,123 better off and pensioners in East Anglia are £13,105 better off.Only retired homeowners in the North East saw a fall in housing wealth with average losses of £581 in the six months.Key’s figures show almost a fifth of all pensioner property equity is owned by over-65s in London with total wealth of £167.731 billion. Nearly two thirds of pensioner property wealth is concentrated in London, the South East, the South West and East Anglia.“Retired homeowners have huge assets in their houses with total property wealth hitting an all-time high of £861 billion,” said Dean Mirfin (left) of Key Retirement. “In the past five years they’ve made an average of more than £17,000 each from their homes.”The table below shows the 11 areas of Great Britain monitored by Key’s index with 10 recording gains.  RegionAverage change in value of home equity for homeowners aged 65+ (between August index and February index) Combined change in value of home equity for homeowners aged 65+ (between August and February index)  London increase of £20,675 +£7.567 billion South East increase of £14,123 +£9.264 billion South west increase of £6,152 +£3.854 billion North west increase of £3,956 +£2.654 billion East Anglia increase of £13,105 +£6.185 billion East Midlands increase of £3,954 +£1.704 billion West Midlands increase of £2,139 +£766.167 million Scotland increase of £3,075 +£867.15 million Yorks/Humbs increase of £709 +£204.671 million Wales increase of £1,823 +£482.365 million North East £581 decrease -£159.77 million Great Britain +£7,117 +£33.392 billionThe table below shows over-65 homeowners in the North West are most likely to own their home outright – Key’s analysis shows 671,000 own their homes without mortgages compared with 656,000 in the South East.Region Estimated property equity in homes owned outright by people aged 65+ (February 2015)Estimated percentage of total value of property equity belonging to people aged 65+ (February 2015) Number of households in the region owned outright by people aged 65+  London £167.731 billion 19.48% 366,000 South East £158.904 billion 18.45% 656,000 South West £117.194 billion 13.61% 626,600 East £94.836 billion 11.01% 472,000 North West £76.400 billion 8.87% 671,100 East Midlands £57.342 billion 6.66% 431,200 West Midlands £49.232 billion 5.72% 358,400 Scotland £46.585 billion 5.41% 282,000 Yorks/Humbs £34.461 billion 4% 288,600 Wales £31.556 billion 3.66% 264,600 North East £26.942 billion 3.13% 275,000 GREAT BRITAIN £861.188 billion 4,691,500 retirement homes pensioner property wealth over-65s over-65 homeowners March 31, 2015The NegotiatorWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles 40% of tenants planning a move now that Covid has eased says Nationwide3rd May 2021 Letting agent fined £11,500 over unlicensed rent-to-rent HMO3rd May 2021 BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021last_img

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