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Retired homeowners' houses worth £752 billion

Wednesday, 3 August 2011 12:00 AM

Retired homeowners have a combined property wealth of up to £752.1 billion (owned outright) despite ongoing housing market volatility, new research has suggested.

The Key Retirement Solutions Pensioner Property Index shows the collective value of properties owned by those aged 65 and over has increased by £863 million – equivalent to £244 per person – in the past three months as house prices have begun to stabilise.

However, they are still more than £17.5 billion – around £4,000 each – down since the start of the year because of the adverse property market.

Homeowners aged 65-plus in London and Scotland were the biggest winners in the past three months with gains of £3,711 and £3,754 respectively, while people in Wales and the East of England suffered the biggest losses.

Over-65s in Wales saw average losses of £5,234 while those in the East of England suffered drops of £4,760.

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.”

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