Property wealth is set to grow in importance for people in their 50s, an expert predicts. “Pension challenges” mean it will “will play a crucial role in bridging the gap between aspirations and affordability in later life”, says David Burrowes, chair of the UK’s Equity Release Council. But mortgage sales – a major means of accessing that wealth – have fallen dramatically among people aged 56+ during the past two decades. They now represent only 48% of the total completed 20 years ago. The council’s Winter Market Report notes that this drop has occurred at a time of increasing longevity, with the number of over 56s rising by 31% since 2005 – to nearly 21 million. Then there was one loan completion for every 91 people in that age group. By last year the ratio had slipped to one in 246.
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