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£130 million boost for pensioners from property wealth in the North West

22 March 2017

  • Homes pay out an average £55,400, Key analysis shows
  • One in five retired homeowners use the cash to help family and friends 
Property wealth is improving the retirement standard of living of pensioners in the North West by almost £130 million a year, according to new analysis from leading over-55s finance specialist www.keyadvice.co.uk
 
Its Equity Release Market Monitor shows retired homeowners in the North West have pocketed more than £55,400 tax-free by cashing in on their homes in the past year.
 
This windfall is enabling pensioners to treat themselves as well as helping families, the detailed study found.  Around 20% of retired homeowners use some or all of the cash to help out relatives and the same number spend some of the money on holidays.
 
But the main reason for releasing property wealth was to fund home and garden improvements – 43% of pensioners invested some or all of the cash on revamping their property. Around 31% of pensioners used the money to clear debts on credit cards, loans and repaying mortgages.
 
Key’s data shows more than 2,300 pensioners based in the North West used their homes to help fund retirement last year and released on average £55,400 from their homes, which were worth an average of £204,000.
 
Dean Mirfin, technical director at Key (www.keyadvice.co.uk), said:  
“Property wealth is making a huge contribution to retirement planning and that is demonstrated by the wide range of issues pensioners in the North West can tackle.
 
“The biggest use of property wealth is to pay for home and garden improvements and it remains the case that many pensioners in the North West need to clear debts. Equity release is a real alternative for pensioners who are seeing traditional retirement income solutions squeezed by historically low interest rates.”
 
Anyone looking to release equity from their home can get Key’s independent guide to equity release by calling 0800 531 6027 or visiting www.keyadvice.co.uk/equity-release/request-a-free-guide