Analysis reveals how much property wealth has risen for retired home owners

Retired home owners saw their property wealth increase by more than £1,000 in the past year despite ongoing housing market uncertainty, a new analysis shows. Overall, total property wealth owned by over 65s who have paid off mortgages is valued at £1.096 trillion, down from the £1,118 trillion recorded in February 2019, according to the report from equity release adviser Key. It says that this is due to the impact of the housing market slowdown, however on an annual basis from June 2018 to June 2019, retired home owners still saw an increase of £5.445 billion. Since Key started analysing the mortgage free property wealth of the over 65s in 2010 retired home owners have benefited from growth of 41, a total of more than £316 billion, earning them gains of £67,000 in almost a decade. Across Britain average gains for the over 65s in property wealth in the past year are equivalent to £1,160 each but the national average does not tell the whole story. The biggest winners are over 65s in the West Midlands who are nearly £7,500 better off than a year ago with retired home owners in Wales at £6,560 and those in the North West at £6,297. But retired mortgage free home owners in London have lost more than £1,000 a month in the past year while over 65s in the South East and East Anglia have also seen property wealth values drop. Scottish retired home owners saw property wealth slip slightly too.

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