Pensioners property worth almost £770 Billion Pounds
It has been revealed by national newspaper, The Telegraph, that Pensioners in the UK own almost £770 Billion (GBP) worth of property outright, without any form of mortgage.
It is estimated that some 4.7 million retired property owners in the UK own their residential properties outright.
The total value of OAP property ownership has increased by £1.2 Billion (GBP) over the past three months, representing almost £770 Billion (GBP) worth of property held outright, without a mortgage.
The survey was conducted in England, Scotland and Wales by advisory firm, Key Retirement Solutions, however, the survey didn’t cover properties in Northern Ireland.
The survey revealed a two-speed property market in the UK, with London seeing a significant rise in over-65s’ property wealth, however, the value of property wealth was much lower in the neighbouring South-East region.
The average value of property owned by pensioners without any form of mortgage increased by almost £12,000 (GBP) in London, but fell by £1,570 (GBP) in the South-East, the survey found.
There were 366,000 residential properties owned outright by OAP’s in London, compared with 656,000 owned by the over 65’s in the South-East.
The biggest fall in property wealth was observed in the North-West of England, where pensioners’ average housing wealth fell by £4,200 (GBP) over the quarter. Over-65s own 671,000 residential properties with no mortgage in the region.
The survey did not make clear what percentage of pensioner owned property was within the UK private rented sector (PRS). research carried out by BDRC Continental at the end of 2012 showed that pensions and annuity rates were considered to be at an all-time low and it was little surprise that most landlords and property investors felt that the UK buy to let market was a better investment for retirement than savings, bonds, shares and pensions
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