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Retired homeowners gain £7,900 in property wealth in a year, Key Retirement Pensioner Property Index shows Over-65s in the South East and East Anglia have made more than £1,000 a month in the past year

Retired homeowners have gained more than £7,900 each in property wealth in the past year despite uncertainty in the housing market, analysis* from leading over-55s financial specialist Key Retirement shows.

Total property wealth owned by over-65s who have paid off their mortgages is near a record high of more than £1.101 trillion after growing £37 billion in the past year, Key’s Pensioner Property Equity Index reveals.

Owning a home outright has been worth nearly £660 a month on average for retired homeowners. Over-65s in the South East and East Anglia have been the biggest winners with gains of more than £1,000 a month while retired homeowners in the West Midlands have made £960 a month.

The long-term value of home ownership is underlined by Key’s index – since the group started analysing over-65s housing wealth in 2010 retired homeowners have seen growth of 41% or £321 billion which is worth around £68,500 on average for every over-65 homeowner.

The strength of the housing market means property wealth is making a major contribution to retirement standards of living as the equity release market expands with customers** releasing an average £77,380 of property wealth and nearly £134,000 in London and £91,000 in the South East.

Dean Mirfin, Chief Product Officer at Key Retirement said: “The long-term strength of the housing market is delivering for retired homeowners who have made around £7,900 in the past year.

“Total property wealth of more than £1 trillion means pensioners who have paid off mortgages can rely on using their homes to generate tax-free returns no matter what happens in the short and medium term.

“The average homeowner is releasing through equity release the equivalent of the gains made since 2010 and property wealth is having a dramatic effect on the standards of retirement living for many thousands across the UK.”

The table below shows the detailed picture across Great Britain – the only area to see a drop is London but homeowners in the city still own £176.38 billion of property wealth.

RegionAverage change in value of home equity for homeowners aged 65+ (between November 2016 and November 2017 index) Combined change in value of home equity for homeowners aged 65+ (between November 2016 and November 2017 index
South Eastup £12,661+£8.305 billion
Londondown £5,734-£2.098 billion
South Westup £10,661+£6.68 billion
North Westup £8,221+£5.516 billion
East Angliaup £12,483+£5.891 billion
East Midlandsup £9,606+£4.142 billion
West Midlandsup £11,568+£4.145 billion
Yorks/Humbsup £4,379+-£1.263 billion
Scotlandup £2,986+£842.05 million
Walesup £6,467+£1.711 billion
North Eastup £2,524+£694.1 million
GREAT BRITAIN+£7,907+£37.094 billion

The table below shows over-65s in the North West are most likely to own outright with 671,000 having paid off mortgages compared with 656,000 in the South East.

RegionEstimated property equity in homes owned outright by people aged 65+ (November 2017)Estimated percentage of total value of property equity belonging to people aged 65+ (November 2017)Number of households in the region owned outright by people aged 65+
South East£213.377 billion19.37%656,000
London£176.380 billion16.01%366,000
South West£157.854 billion14.33%626,600
East Anglia£136.753 billion12.42%472,000
North West£106.733 billion9.69%671,000
East Midlands£79.792 billion7.24%431,200
West Midlands£68.855 billion6.25%358,400
Yorks/Humbs£44.957 billion4.08%288,600
Scotland£41.169 billion3.75%282,000
Wales£40.455 billion3.67%264,600
North East£35.127 billion3.19%275,000
GREAT BRITAIN£1.101 trillion4,691,400