Pensioners ‘own £700bn of property’
Retired homeowners are currently sitting on property worth more than £700 billion, but nearly half of this wealth is contained in London and the south east, figures have shown.
Pensioners in England and Wales collectively own property worth £732 billion once any outstanding mortgage debt has been taken into account, according to an insurer.
But 22% of this total belongs to retired people living in London, while just over 20% is owned by people in the south east.
At the other end of the scale pensioners in the north east account for less than 3% of the housing equity held by retired people, while those in Wales hold only 4.5%.
The group estimates that between June and October last year the value of mortgage-free property owned by retired people soared by £18.16 billion or £118.7 million a day.
People living in the south east saw the biggest increase in the value of their homes, with the value of the equity they are sitting on soaring by £5.9 billion during the period, followed by London at £5.56 billion.
But pensioners in the west Midlands actually saw the value of money locked up in their homes fall by £56.4 billion during the period.
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