Property wealth for over-65s in the UK is a staggering £1.118 trillion

Property wealth for over-65s in the UK is a staggering £1.118 trillion

New figures from the UK’s leading independent equity release advisers Key has revealed that the property wealth of over-65s in the country has hit a record high of £1.118 trillion.

Properties owned by over-65s that are now mortgage-free are now collectively worth the above record figure, showing that property is still delivering the goods for the retired people of Great Britain.

If you do the maths, over-65s property wealth has increased by £28 billion in the last 6 months, despite all the uncertainty surrounding the housing market currently.

Across the UK, average gains for the over 65s in property wealth are worth £5,998 each with all areas of the country benefitting. By region, the big winners have been:

Yorkshire & Humberside +£8,607

Wales +£7,875

North West +£7,546

Homeowners in London have experienced the lowest gains at +£1,655

According to Key, since 2010 the property wealth of the over 65s who own mortgage-free properties has grown by £340 billion – that’s a staggering increase of 43%.

Commenting on the figures, Will Hale, CEO at Key said: “Retired homeowners who have paid off their mortgage have made on average nearly £1,000 from their homes per month. The numbers are fascinating, but the basic fact is that no matter what happens year to year to house prices, many over-65s will have considerable property wealth which can transform their standard of living in retirement…”