Struggling retirees own property worth £743bn
Retired homeowners are collectively sitting on £743bn worth of property, according to a new research by equity release adviser Key Retirement Solutions.
The news comes at a time where many pensioners are struggling with the endless rise in the cost of living, opening up the potential opportunity for financial respite through an equity release plan.
The research examined the amount of property equity held by over 65s in 11 areas of the UK. Unsurprisingly the figures shown London (£125.31bn) and the South East of England (£122.08bn) boasted the largest amount of equity.
The figures are despite a collectively loss of £6.38bn (£1,595 per household) in the size months to April this year as property prices nationwide decline.
Richard Espley is the Head of Equity Release at Goldsmith Williams:
“It is very encouraging to hear retirees have a financially sound back up plan should the rising cost of living increase beyond their everyday means in spite of decreasing property values.
“At a time when pension provisions are poor and savings are depleted, it is a valid option to utilise some of the capital tied up in our most valuable asset.”
Content correct at time of publication