propertytalk Live! - Homeowners over-65 lose £18.4bn in three months

propertytalk Live! - Homeowners over-65 lose £18.4bn in three months

Retired homeowners have total property wealth owned outright of up to £751.3billion despite ongoing housing market volatility, research from equity release adviser Key Retirement Solutions shows.

However homeowners aged 65-plus lost a collective £18.4billion in the past three months – equivalent to £4290 each – as house prices continued to slide, Key Retirement Solutions’ Pensioner Property Equity Index shows.

The biggest losers were over-65 homeowners in Scotland where average losses were £8720 while retired homeowners in the North East are £7058 worse off after house price falls.

Only over-65 homeowners in London escaped the property market slide with housing equity virtually unchanged.

Key Retirement’s figures show nearly a third of property equity is owned by pensioners in London and the South East of England – in London over-65s own property without any mortgages worth £124.4billion while in the South East pensioners own £121billion of property without mortgages.

Dean Mirfin, Group Director at Key Retirement Solutions, said: "The housing market remains in the doldrums and the average losses of £4290 this year are on paper a major blow.