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Over-65s can bank on £1.1 trillion of property wealth

13 February 2018

Retired homeowners gain £7,900 in property wealth in a year, Key Retirement Pensioner Property Index shows
Over-65s in the South East and East Anglia have made more than £1,000 a month in the past year 

Retired homeowners have gained more than £7,900 each in property wealth in the past year despite uncertainty in the housing market, analysis* from leading over-55s financial specialist Key Retirement shows.
Total property wealth owned by over-65s who have paid off their mortgages is near a record high of more than £1.101 trillion after growing £37 billion in the past year, Key’s Pensioner Property Equity Index reveals.
Owning a home outright has been worth nearly £660 a month on average for retired homeowners. Over-65s in the South East and East Anglia have been the biggest winners with gains of more than £1,000 a month while retired homeowners in the West Midlands have made £960 a month.
The long-term value of home ownership is underlined by Key’s index - since the group started analysing over-65s housing wealth in 2010 retired homeowners have seen growth of 41% or £321 billion which is worth around £68,500 on average for every over-65 homeowner.
The strength of the housing market means property wealth is making a major contribution to retirement standards of living as the equity release market expands with customers** releasing an average £77,380 of property wealth and nearly £134,000 in London and £91,000 in the South East.
Dean Mirfin, Chief Product Officer at Key Retirement said: “The long-term strength of the housing market is delivering for retired homeowners who have made around £7,900 in the past year.
“Total property wealth of more than £1 trillion means pensioners who have paid off mortgages can rely on using their homes to generate tax-free returns no matter what happens in the short and medium term.
“The average homeowner is releasing through equity release the equivalent of the gains made since 2010 and property wealth is having a dramatic effect on the standards of retirement living for many thousands across the UK.”
The table below shows the detailed picture across Great Britain – the only area to see a drop is London but homeowners in the city still own £176.38 billion of property wealth.

Average change in value of home equity for homeowners aged 65+ (between November 2016 and November 2017 index) Combined change in value of home equity for homeowners aged 65+ (between November 2016 and November 2017 index
South East up £12,661 +£8.305 billion
London down £5,734 -£2.098 billion
South West up £10,661 +£6.68 billion
North West up £8,221 +£5.516 billion
East Anglia up £12,483 +£5.891 billion
East Midlands up £9,606 +£4.142 billion
West Midlands up £11,568 +£4.145 billion
Yorks/Humbs up £4,379 +-£1.263 billion
Scotland up £2,986 +£842.05 million
Wales up £6,467 +£1.711 billion
North East up £2,524 +£694.1 million
GREAT BRITAIN +£7,907 +£37.094 billion
The table below shows over-65s in the North West are most likely to own outright with 671,000 having paid off mortgages compared with 656,000 in the South East.

Estimated property equity in homes owned outright by people aged 65+ (November 2017) Estimated percentage of total value of property equity belonging to people aged 65+ (November 2017) Number of households in the region owned outright by people aged 65+
South East £213.377 billion 19.37% 656,000
London £176.380 billion 16.01% 366,000
South West £157.854 billion 14.33% 626,600
East Anglia £136.753 billion 12.42% 472,000
North West £106.733 billion 9.69% 671,000
East Midlands £79.792 billion 7.24% 431,200
West Midlands £68.855 billion 6.25% 358,400
Yorks/Humbs £44.957 billion 4.08% 288,600
Scotland £41.169 billion 3.75% 282,000
Wales £40.455 billion 3.67% 264,600
North East £35.127 billion 3.19% 275,000
GREAT BRITAIN £1.101 trillion   4,691,400
Anyone looking to release equity from their home can get Key’s independent guide to equity release by calling 0800 531 6010 or visiting:
Notes to Editors
* Key Retirement’s Pensioner Property Equity Index tracks the amount of equity held in property by people over 65 years old in Great Britain. Figures are based on analysis of data from the ONS Family Spending Report (2014), the UK House Price Index, Registers of Scotland House Price Statistics and ICM (2014) and Key Retirement’s UK Equity Release Market Monitor.
** Key Retirement market data for 2017 The Monitor uses Key’s data to reflect the market as a whole. The data reflects both members and non-members of the Equity Release Council, and provides the most detailed analysis of the equity release sector

Page last updated: Tuesday 13 August 2019