26 Aug

Over-65s own £654 billion in property equity

Over-65s own £654 billion in property equity

A total of £654 billion in property equity is held by homeowners aged 65 and over, according to a survey.

An equity release index published by Prudential showed that pensioners in England and Wales retained £611 billion of equity in their property and a further £43 billion is held in Scotland, as house prices show signs of stabilising following two years of decline.

Keith Haggart, director of lifetime mortgages at Prudential, which has a range of features designed to provide flexibility and meet customers' needs, said that many pensioners will be cheered by the news that property values appear to be stabilising and in some parts of the country are even increasing.

The news comes after a study conducted last year by David Wilson Homes found that 62 per cent of pensioners who had moved from a larger home to a smaller one in retirement believed the move had been a good one for them.


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