Pensioner property wealth now £807 billion

Biggest gains in London, Eastern England and South West

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The Independent Online

People aged over 65 have earned £1,346 in past three months from their homes, according to figures from Key Retirement Solutions, which suggests that overall, retired homeowners have seen their property wealth grow by more than £6.3 billion in that time.

It represents the highest figure since Key Retirement Solutions started monitoring the housing wealth of the over-65s in Britain four years ago. This age group of homeowners now own property wealth of £807.249 billion.

Retired homeowners in London were the biggest winners gaining nearly £10,700 on average each in the past three months, while those  in Eastern England are more than £4,290 better off and pensioners in the South West £2,283.

However, the figures indicated that over-65 homeowners in Wales saw their average property wealth drop by nearly £5,000 while Scottish pensioners lost nearly £3,900. Retired homeowners in the North West lost £966.

"Even homeowners in areas where prices have fallen still have considerable property wealth considering they own their homes outright and will have seen strong gains," said Dean Mirfin, group director at Key Retirement Solutions.

The report reveals that over-65 homeowners in the North West are most likely to own their home outright.