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27 November 2012

UK pensioner property assets total £756bn

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by Gill Montia

UK pensioner property assets total £756bn

Britain’s retired homeowners have total mortgage-free property wealth of around £756 billion, new research from Key Retirement Solutions claims.

However, according to the equity release specialist, across the country homeowners aged 65-plus have lost a total of £368.9 million in the past three months – equivalent to around £80 each – as the housing market continues to bump along the bottom.

But the national figure masks major gains in London where the average over-65 homeowner accrued £4,326 in the past quarter, while in the East of England home owning pensioners were £1,786 better off and £1,232 better off in the South East.

Retired homeowners in London have seen average gains of around £21,000 this year alone, followed by the South East (£3,930 up) and the East of England (£3,350 up).

All other regions are either slightly down or only marginally ahead.

The biggest loss in the past three months was in the West Midlands with over-65s £2,768 worse off, followed by average losses of £2,526 in the North East.

Dean Mirfin, group director at Key Retirement Solutions, comments: “Whatever happens in the housing market over-65s own considerable property wealth which represents a massive investment success as they no longer have mortgages on homes they may have bought more than 25 years ago.”

According to Mr Mirfin, the equity release market is seeing strong growth at the moment as more pensioners opt for drawdown products, which allow flexibility to access funds over time, as and when required.

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