Homeowners aged 65 and above have seen their property wealth grow by nearly £17.5 billion in the past three months alone according to financial consultancy Key Retirement.
In the five years since the firm began monitoring the housing wealth of the over-65s, in January 2010, total pensioner property wealth has increased by 14 per cent or £111 billion which equates to £23,700 on average for every homeowner.
Retired homeowners in London were the biggest winners gaining an average of around £14,238 each in the past three months as average house prices have continued to rise, while older home owners in the south east of England are more than £8,290 better off and pensioners in East Anglia are £8,524 better off.
Nearly two thirds of the entire UK's pensioner property equity is concentrated in London, the south east, the south west and East Anglia.
“Over-65 homeowners control more than £891 billion in assets" says a spokesman for Key Retirement.
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So the over 65's are sitting pretty right about now then! That's a huge increase year-on-year. The over 65's can also benefit from being able to release their pensions to purchase property, a great time for that demographic!
Thank goodness there's at least one benefit in getting old!
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