UK Homeowners over 55 are sitting on more than £3.4 trillions of property wealth as the overall total for the country hits a record $5.7 trillion, according to a new analysis. Figures from the Equity Release Council show that the average such household has £321,213 of equity in their home. Unsurprisingly, over 55s in south east England are the most property rich with a total of more than £705bn. In London alone their average home value is £583,618. That compares with £273,585 in East Midlands, for example, and only £183,950 in the north east. Jim Boyd, the council’s CEO, said: “We urge the new Government to look beyond pensions to improve retirement incomes and stimulate the economy. There is a compelling need for Government to set out its vision for property wealth in later life funding: a thriving later life mortgage market can help to achieve both of these outcomes.”
(Accompanying image by Melanie Avis from Pixabay)
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