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Pensioner property wealth hits £861 billion

25 March 2015

Average over-65 homeowner makes nearly £1,200 a month from their property, Key Retirement Pensioner Property Index shows

Retired homeowners have seen their property wealth grow by more than £33 billion in the past six months with the housing boom earning the average pensioner nearly £1,200 a month, new analysis* from leading over-55s financial specialist Key Retirement shows.

Pensioners who own their homes outright have earned an average of £7,117 each from their homes in the past six months taking their property wealth to a new record high.

In the five years since Key started monitoring the housing wealth of the over-65s, in January 2010, total pensioner property wealth has increased by £81.27 billion - the equivalent of £17,323 each.

Its Pensioner Property Equity Index shows over-65 homeowners now own property wealth of £861.188 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 wealth from their homes - Key's figures show a record high of £1.38 billion was released last year with the average customer taking around £64,800 from their home.

Retired homeowners in London were the biggest winners gaining an average of more than £20,675 each in the past six months, while homeowners in the South East are more than £14,123 better off and pensioners in East Anglia are £13,105 better off.

Only retired homeowners in the North East saw a fall in housing wealth with average losses of £581 in the six months.

Key's figures show nearly a fifth of all pensioner property equity is owned by over-65s in London with total wealth of £167.731 billion. Nearly two-thirds of pensioner property wealth is concentrated in London, the South East, the South West and East Anglia.

Dean Mirfin, group director at Key (, said: "Retired homeowners have huge assets in their houses with total property wealth hitting an all-time high of £861 billion.

"In the past five years they've made an average of more than £17,000 each from their homes, which is an impressive return with interest rates at historic lows. Even if or when the property market cools they will still have a major asset. With equity release rates at their lowest in ten years and the long term trend for rates continuing to go down, we expect the market to continue to expand.

"That's why retired homeowners, and those approaching retirement, should think carefully about making use of their property wealth in retirement planning. New pension rules coming into effect next month make a holistic approach to retirement planning even more important and the need for independent advice crucial."

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


Region Average change in value of home equity for homeowners aged 65+ (between August index and February index) Combined change in value of home equity for homeowners aged 65+ (between August and February index)
London increase of £20,675 +£7.567 billion
South East increase of £14,123 +£9.264 billion
South West increase of £6,152 +£3.854 billion
North West increase of £3,956 +£2.654 billion
East Anglia increase of £13,105 +£6.185 billion
East Midlands increase of £3,954 +£1.704 billion
West Midlands increase of £2,139 +£766.167 million
Scotland increase of £3,075 +£867.15 million
Yorks/Humbs increase of £709 +£204.671 million
Wales increase of £1,823 +£482.365 million
North East £581 decrease -£159.77 million
GREAT BRITAIN +£7,117 +£33.392 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+ (February 2015) Estimated percentage of total value of property equity belonging to people aged 65+ (February 2015) Number of households in the region owned outright by people aged 65+
London £167.731 billion 19.48% 366,000
South East £158.904 billion 18.45% 656,000
South West £117.194 billion 13.61% 626,600
East £94.836 billion 11.01% 472,000
North West £76.400 billion 8.87% 671,100
East Midlands £57.342 billion 6.66% 431,200
West Midlands £49.232 billion 5.72% 358,400
Scotland £46.585 billion 5.41% 282,000
Yorks/Humbs £34.461 billion 4% 288,600
Wales £31.556 billion 3.66% 264,600
North East £26.942 billion 3.13% 275,000
GREAT BRITAIN £861.188 billion   4,691,500

Anyone looking to release equity from their home can get Key's independent guide to equity release by calling 0800 531 6010 or visiting

Page last updated: Friday 28 September 2018