26
Aug
Over-65s own £654 billion in property equity
A total of £654 billion in property equity is held by
homeowners aged 65 and over, according to a survey.
An equity release index published by Prudential showed that
pensioners in England and Wales retained £611 billion of
equity in their property and a further £43 billion is held in
Scotland, as house prices show signs of stabilising following two
years of decline.
Keith Haggart, director of lifetime mortgages at Prudential, which
has a range of features designed to provide flexibility and meet
customers' needs, said that many pensioners will be cheered by the
news that property values appear to be stabilising and in some
parts of the country are even increasing.
The news comes after a study conducted last year by David Wilson
Homes found that 62 per cent of pensioners who had moved from a
larger home to a smaller one in retirement believed the move had
been a good one for them.
