More than £7.66 billion has been added to the property wealth of retired over 65s in the UK since November 2016. According to research firm Key Retirement, total property wealth grew to £1.072 trillion in February as the UK housing market continued to expand across the country.
London and Scotland are the only areas which saw property wealth drop, according to the firm’s analysis of the last quarter’s housing market performance.
However retired London homeowners still own a whopping £177 billion of property wealth in the UK.
The current strength of the housing market gives a glimpse of how property wealth can make a major contribution to higher retirement standards of living, as the equity market expands.
With the average equity release customer gaining on average £78000 of property wealth outside of London and £143000 in London, things look bright for those retired over 65s who own property.