Research indicates that retired property holders in UK experienced wealth growth to almost £17.5 billion over the last 3 months while costs of homes keep rising.
Retirees who are the owner of their houses have earned an average of £3,725 from each home for 3 months. This is a record breaking value, basing on an index made by Key retirement financial expert.
Since January 2010, housing property wealth of pensioners over 65 years old has risen by 14% or £111 billion. This individually equates to an average of £23,700 for each house owner.
Home owners aged above 65 years old have a summed property value of £891.249 billion according to Pensioner Property Index. Key is convinced that the robust growth in real estate values will expand equity release market more which allows property owners to let go of wealth from their houses. Clients letting go of assets wealth are taking an average of £68,500, basing from the figures.
Pensioners in London gained the most at an average of £14,238 for every home owner in the last 3 months alone. Meanwhile, pensioners from South East of England are still doing well with £8,290. Retired home owners in East Anglia gained £8,524.
The data from Key presents a fifth of the total population of retirees’ property equity is owned by pensioners who are more than 65 years old. Their summed wealth equates to £178.894 billion. Most of the accumulated wealth came from London, the South East and the South West of England and East Anglia.
Dean Mirfin, technical manager of Key Retirement explained that the health of the home market is mirrored by the development of amounts given by means of equity release campaigns which are increased to an average of £68,500. The successful outcome of real estate investment for millions of pensioners, stresses the vitality of house assets and must be included in everyone’s retirement plan.
Real estate values have ups and downs but home owners above 65 years old regulate over £891 billion of assets. This can contribute to improving quality of life upon retirement and ProDecor home improvements. Retirees though, need expert advice before releasing their wealth from homes.