Opening Hours

Open until 8:00pm Today

Opening Hours

  • Monday - Thursday

    9:00am - 8:00pm

  • Friday

    9:00am - 5:30pm

  • Saturday

    9:00am - 5:00pm

  • Sunday

    Closed All Day

Our Address

Key, Baines House,

4 Midgery Court, Fulwood,

Preston, PR2 9ZH


0808 252 9170


28 August 2020

Over-65s saw their property wealth increase by more than £6,000 each on average in the past year despite the housing market going into lockdown amid ongoing economic and political uncertainty, analysis* from UK’s leading independent equity release adviser Key shows.
Total property wealth owned by over-65s who have paid off mortgages is valued at £1.124 trillion and has increased by £28.299 billion in the past year equivalent to a gain of £6,032 for homeowners, Key’s Pensioner Property Equity Index reveals.
Key’s data shows the total value of property owned by over-65s peaked at £1.133 trillion at the start of 2020 and has fallen by more than £9 billion over the past quarter but older homeowners have still benefited from strong year-on-year increases.
Over the long-term the gains have been even more impressive. Since Key started analysing the mortgage-free property wealth of the over-65s in 2010, homeowners have seen growth of 45% - a total of more than £344 billion which is equivalent to £73,400 per household in the past decade.
The biggest gains in the past year have come in London where over-65s homeowners are nearly £26,000 better off over the year while pensioners in the South West have gained £9,600 and over-65s in the South East are more than £7,600 ahead.  The only region to see property wealth decrease for over-65swas the West Midlands and losses were marginal at £235 over the year.
The South East and London account for more than a third of all property wealth held by the over-65s while the South West and East Anglia account for more than a quarter.
 Will Hale, CEO at Key said: “The property market has suffered along with the rest of the economy during the coronavirus crisis and effectively shut down for months. Coupled with the ongoing political and economic uncertainty of the past few years, it has gone through a turbulent time.  However, property values seem to have remained relatively buoyant and with the current stamp duty exemption, we are likely to see continued interest from buyers.
“Against this backdrop, we find millions of over-65s who have repaid their mortgages and are sitting on considerable unencumbered property wealth but may find that their retirement funds are not quite as healthy as they hoped.  It is vital to get specialist advice and consider all assets when it comes to planning your finances through retirement as making smart choices can significantly improve your standard of living throughout later life.
“The equity release market has seen a slowdown as people take their time to decide how best to use their wealth in retirement but the number of customers looking to explore their options remains high demonstrating the ever-increasing need for expert advice in this area.”
The table below shows the detailed picture across Great Britain with 10 areas seeing growth and one recording a fall in property values.

Average change in value of home equity for homeowners aged 65+ (past year) Combined change in value of home equity for homeowners aged 65+ (past year)
South East Up £7,653 + £5.020 billion
London Up £25,994 + £9.513 billion
South West Up £9,630 + £6.034 billion
North West Up £2,444 + £1.639.9 billion
East Anglia Up £1,117 + £527.224 million
East Midlands Up £4,465 + £1.925.3 billion
West Midlands Down £235 - £84.224 million
Yorks/Humbs Up £3,523 + £1,016.7 billion
Wales Up £2,125 + £562.275 million
Scotland Up £6,094 + £1.718 billion
North East Up £1.548 + £425.7 million
GREAT BRITAIN Up £6,032 +£28.299 billion
The table below shows more over-65s in the North West have paid off mortgages with 671,000 owning their homes outright compared with 656,000 in the South East and 626,000 in the South West.

Estimated property equity in homes owned outright by people aged 65+ Estimated percentage of total value of property equity belonging to people aged 65+ Number of households in the region owned outright by people aged 65+ Number of over-65s households in the region
South East £212.119 billion 18.86% 656,000 1,130,300
London £177.800 billion 15.81% 366,000 674,780
South West £165.021 billion 14.67% 626,600 787,000
East Anglia £137.471 billion 12.22% 472,000 782,690
North West £111.521 billion 9.92% 671,000 873,590
East Midlands £83.939 billion 7.46% 431,200 591,900
West Midlands £70.216 billion 6.24% 358,400 701,270
Yorks/Humbs £45.947 billion 4.09% 288,600 653,860
Wales £42.781 billion 3.80% 264,600 419,380
Scotland £42.823 billion 3.83% 282,000 660,070
North East £34.909 billion 3.10% 275,000 335,430
GREAT BRITAIN £1.124 trillion   4,691,400 7,610,270
 Anyone looking to release equity from their home can get Key’s independent guide to equity release by calling 0800 531 6027 or visiting

Page last updated: Tuesday 06 October 2020