Pensioners' wealth soars £9bn in six months thanks to property boom
The average over-65 has made more than £500 a month since January as property prices have continued to rise. And for pensioners who own their homes outright, the news is even better, they have earned an average of £2,096 tax-free in the same period.
The figures have been revealed in KeyRetirement.com’s Pensioner Property Index, which tracks the equity held in property by UK residents aged over 65.
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Hide AdUnsurprisingly, it shows that London residents have done best, with property price rises of nearly £21,000. At the other end, Scottish pensioners have suffered losses of more than £8,500.
In the South East, pensioners have enjoyed an above-average rise of £5,148 each, taking their total shared wealth to £3.377bn.
In the North West, pensioners saw an average drop in property value of £134 decrease, a total shared loss of £89.59 million.
In the East Midlands, pensioners have enjoyed an above-average rise of £3,048 each, taking their total shared wealth to £1.31bn.
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Hide AdIn Scotland the picture is bleaker than anywhere else in the UK. The average loss of £8,536 per household means Scottish pensioners have seen £2.4bn wiped off their shared wealth.
In the North East, pensioners saw an average £1,488 drop in the value of their property, a shared total loss of £338.2 million.