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Pensioner property wealth hits £827 billion

29 September 2014

Average over-65 homeowner gains £4,340 in just three months, Key Retirement Solutions Pensioner Property Index shows

Retired homeowners have seen their property wealth grow by more than £20.3 billion in the past three months as the housing market has continued to grow, new research* from leading over-55s financial specialist Key Retirement Solutions shows.

Pensioners who own their homes outright have earned an average of £4,341 each from their houses - the equivalent of nearly £1,500 a month - taking their property wealth to a new record high.

Total pensioner property wealth has increased by £47.8 billion since Key Retirement Solutions started monitoring the housing wealth of the over-65s in January 2010.

Its Pensioner Property Equity Index shows over-65 homeowners now own property wealth of £827.796 billion outright as house prices across almost all of the UK rose.

The growth in property prices is helping to drive the equity release market which enables homeowners to release money from their houses - Key Retirement Solutions figures show £641 million was released in the first half of 2014 with the average customer taking around £65,000 from their home.

Retired homeowners in London were the biggest winners gaining an average of more than £23,100 each in the past three months, while retired homeowners in the South East are more than £6,900 better off and pensioners in Scotland are nearly £5,700 better off.

Only retired homeowners in the North East saw a fall in housing wealth with average losses of more than £750.

Key Retirement's figures show more than 37% of pensioner property equity is owned by over-65s in London and the South East. In London over-65s own property without any mortgages worth £160.1 billion while in the South East pensioners own £149 billion of property outright. More than 70% of pensioner property wealth is concentrated in London, the South East, the South West, the East of England and the North West.

Dean Mirfin, group director at Key (, said: "Pensioners who own their homes outright are among the biggest winners from the strength of the housing market and average gains of more than £4,300 in three months demonstrate the importance of property wealth.

"Those approaching, or at, retirement shouldn't overlook the value of their property when planning for the future. The new pension reforms coming into effect in April 2015 make a holistic approach to retirement planning even more important. Pensioners should seek advice to ensure they are aware of all the options available to them."

The table below shows the 11 areas of Great Britain monitored by Key Retirement Solutions' index with 10 recording gains.


Region Average change in value of home equity for homeowners aged 65+ (between May index and August index) Combined change in value of home equity for homeowners aged 65+ (between May and August index)
London +£23,118 +£8.461 billion
South East +£6,920 +£4.539 billion
South West +£1,814 +£1.136 billion
North West +£863 +£579.073 million
East +£2,840 +£1.34 billion
East Midlands +£1,646 +£709.755 million
West Midlands +£1,696 +£607.846 million
Scotland +£5,688 +£1.606 billion
Yorks/Humbs +£1,706 +£492.351 million
Wales +£4,165 +£1.102 billion
North East -£758 -£208.45 million
GREAT BRITAIN +4,341 +£20.367 billion


The table below shows over-65 homeowners in the North West are most likely to own their home outright - Key's analysis shows 671,000 own their homes without mortgages compared with 656,000 in the South East.

Region Estimated property equity in homes owned outright by people aged 65+ (August 2014) Estimated percentage of total value of property equity belonging to people aged 65+ (August 2014) Number of households in the region owned outright by people aged 65+
London £160.164 billion 19.35% 366,000
South East £149.639 billion 18.08% 656,000
South West £113.339 billion 13.69% 626,600
East £88.651 billion 10.71% 472,000
North West £73.746 billion 8.91% 671,100
East Midlands £55.637 billion 6.72% 431,200
West Midlands £48.465 billion 5.85% 358,400
Scotland £45,718 billion 5.53% 282,000
Yorks/Humbs £34.256 billion 4.14% 288,600
Wales £31.074 billion 3.75% 264,600
North East £27.102 billion 3.27% 275,000
GREAT BRITAIN £827.796 billion   4,691,500


Anyone looking to release equity from their home can request an independent guide to equity release by calling 0800 531 6010 or by visiting

Notes to Editors

* Key Retirement Solutions Pensioner 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 (2009), the Land Registry House Price Index, Registers of Scotland House Price Statistics and ICM (2010), Key Retirement Solutions UK Equity Release Market Monitor May 2014.


Page last updated: Friday 28 September 2018