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Pensioner property 'up by £50bn'

17 January 2006
The value of British pensioners' property rose by nearly £50 billion last year, according to a new study.

Research by Economic Lifestyle found that the 6.3 million retired homeowners in the UK have gained around £3,360 each on the value of their property during the last quarter.

When counted over the past year, this amounts to £7,670, the company's latest pensions property equity index found.

This could be the biggest quarterly increase in property value that retired homeowners can expect in the near future due to predictions of a more subdued housing market in 2006, according to Economic Lifestyle.

"It is good news that pensioners are almost £50 billion better off than they were this time last year," said Mark Neal, managing director of the company.

"However, the figures should not mask the reality of life for many retired homeowners in Britain today."

He said that more and more pensioners are looking to improve their financial situation by accessing some of their wealth "through downsizing or equity release schemes".

Mr Neal said that these figures showing a rise in property value should be "welcomed".

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