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Pensioner property wealth hits £926 billion

11 June 2016

  • Over-65 homeowners are nearly £2,100 better off since January thanks to their homes,'s Pensioner Property Index shows
  • But the biggest gains are in London where over-65s have made nearly £21,000 – ten times the average

Retired homeowners have seen their property wealth grow by £9.24 billion since the start of the year as house prices continue to climb earning the average pensioner more than £500 a month, new analysis* from leading over-55s financial specialist shows.
Pensioners who own their homes outright have earned an average of £2,096 tax-free each from their houses since the end of January taking their property wealth to a new record high.
But over-65s in London have seen property price rises of nearly £21,000 – around 10 times the national average – while Scottish pensioners have suffered losses of more than £8,500.
The short-term swings do not tell the whole story however - in the six years since Key started monitoring the housing wealth of the over-65s total pensioner property wealth has increased by around 21%, or £161 billion, which is worth around £39,000 on average for every homeowner.
Its Pensioner Property Index shows over-65 homeowners now own property £926.41billion outright highlighting the growing importance of investment in homes for retirement planning.
That is being reflected in the continuing expansion of the equity release market with customers releasing property wealth taking around £76,000 on average rising to more than £134,000 in London.
The index reveals major differences in the property market across the country with six regions - London, the South East, Wales, the South West, East Anglia and the East Midlands still seeing strong growth.
Dean Mirfin, technical director at said: “Property wealth is a huge asset for pensioners and is making a massive contribution to standards of living in retirement reflecting the success of investing in a home.
“The different housing markets around the country show prices do vary but the long-term story is that property wealth is still growing as highlighted by our research which began in 2010.
“The contrast between the average £76,000 that can be generated from property wealth and the value of average pension savings underlines how vital it is to seek independent expert advice on how to use housing wealth.”
The table below shows the 11 areas of Great Britain monitored by Key’s index with five seeing price falls; Scotland, Yorkshire & Humberside, the North East, the West Midlands and the North West.

Average change in value of home equity for homeowners aged 65+ (between end-January and May index) Combined change in value of home equity for homeowners aged 65+ (between end- January and May index)
London increase of £20,688 +£7.571 billion
South East increase of £5,148 +£3.377 billion
South West increase of £951 +£595.4 million
North West £134 decrease -£89.588 million
East Anglia increase of £2,152 +£1.015 billion
East Midlands increase of £3,048 +£1.314 billion
West Midlands £2,203 decrease -£789.48 million
Scotland £8,536 decrease -£2.407 billion
Yorks/Humbs £3,651 decrease -£1.053 billion
Wales increase of £441 +£116 million
North East £1,488 decrease -£338.2 million
GREAT BRITAIN +£2,096 £9.242 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. 

Estimated property equity in homes owned outright by people aged 65+ (May 2016) Estimated percentage of total value of property equity belonging to people aged 65+ (May 2016) Number of households in the region owned outright by people aged 65+
London £195,731 billion 21.13% 366,000
South East £174,974 billion 18.89% 656,000
South West £123,493 billion 13.33% 626,600
East Anglia £104,306 billion 11.26% 472,000
North West £77,848 billion 8.4% 671,000
East Midlands £60,462 billion 6.53% 431,200
West Midlands £50,365 billion 5.44% 358,400
Scotland £44,893 billion 4.83% 282,000
Yorks/Humbs £35,163 billion 3.8% 288,600
Wales £32,339 billion 3.49% 264,600
North East £26,834 billion 2.9% 275,000
GREAT BRITAIN £926,413 billion   4,409,400
Anyone looking to release equity from their home can get Key’s independent guide to equity release by calling 0800 531 6010 or visiting