Pensioners’ property values increased by £50 billion in 2005 |
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Published
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Mon, 16 Jan 2006 19:50
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LONDON - Pensioners who own property have seen its value soar in 2005 as the collective value of the properties owned by pensioners in Great Britain now stands at £1 trillion, according to retirement housing group Economic Lifestyle.
The group's report said that during the last three months the average gain for a retired property owner was pegged at £3,360. This was good news considering that there was a net gain of £7,670 over the last 12 months to £174,495. London's retirees saw the biggest gain at £16,005 on an average. Overall gains stood at £50 billion in 2005.
But the report also warned that homeowners should be prepared for a slowdown in the coming year. "It is good news that pensioners are almost £50bn better off than they were this time last year. However, the figures should not mask the reality of life for many retired homeowners in Britain today," said Mark Neal, the managing director at Economic Lifestyle.
Retired homeowners in Scotland witnessed an increase of £14,568 in their properties, while the north-east of England recorded gains of £11,909. There was bad news for those living in the South west as property prices dipped by £3,502 in the last year. Likewise homeowners in East Anglia were hit by a loss of £1,693.
"Living in a valuable property while struggling to get by on the state pension does not make you feel wealthy," pointed out Neal. "As increasing numbers look to improve their standard of living by accessing some of this 'wealth' through downsizing or equity release schemes, the news of an increase in property value should be welcomed."
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