Share on facebook
Share on twitter
Share on linkedin
Share on pinterest
Share on whatsapp
Share on facebook

Over-65s in London earn £14,000 plus from homes each year

Over-65s in London earn £14,000 plus from homes each year

Source:Mortgage Strategy

 

Retired homeowners in London who have owned their home for 27 years have experienced property wealth gains of £394,944 on average, according to a new study.

The total increase in property wealth is equal to gains of £14,257 per year.

Equity release specialist Key Retirement conducted the analysis, which revealed that the average over-65 in Britain has seen their property value increase by £159,000 in 23 years of ownership, equivalent to £7,000 per year.

Those in the South East who have owned homes for 21 years are more than £230,000 better off from buying a property, says the study, while over-65s in East Anglia who have been homeowners for 18 years have seen gains of £206,000 during the average time they have owned their current home.

Total property wealth owned by over-65s who have paid off their mortgages is near a record high of £1.09tn, says Key.

Key Retirement chief product officer Dean Mirfin says: The long-term strength of the housing market is demonstrated by the fact that on average over-65s are making nearly £7,000 annually from their homes rising to more than £14,000 a year in London.

“Property wealth of more than £1tn enables pensioners who have paid off mortgages to generate returns which are making a huge contribution to their standard of living in retirement.

“They are also helping family and friends with 26 per cent of equity release customers saying they used some of the proceeds as financial gifts.”

 

Share on facebook
Share on google
Share on twitter
Share on linkedin
Share on whatsapp

More Articles

Equity-Release-breaks-£-1bn-mark
Uncategorized

Equity Release breaks ? 1bn mark

72 Equity Release breaks £ 1bn mark in Q3, figures released by the Equity Release Council indicate. The Equity Release Council‘s most recent figures report

Read More »

Equity Release Calculator

How much tax free cash could you release from your home?

erg logo v small

Address

Equity Release Guru
Suite 6, West Court Offices
Park Lane
Allerton Bywater
01924792182

Registered Office:
Unit 8, ABC Killinghall Stone Quarry, Ripon Road, Harrogate, HG3 2BA. Registered in England & Wales. Company number 7162252.

Head Office:
Units 11-21, Mills Bakery, Royal William Yard, Plymouth, PL1 3GE, UK

Consumer Credit Licence:
0637675

Data Protection Registration Number:
Z227852X

In using this website I give express consent to the Responsible Life Ltd to call me on the number provided from time to time.

 Calls may be recorded for training and quality purposes.

Contact Us

Equity Release Guru is a trading style of Responsible Life Limited. Responsible Life Limited is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register \(http://www.fsa.gov.uk/register/home.do) under reference 610205.

In using this website I give express consent to Equity Release Guru to call me on the number provided from time to time. Calls may be recorded for training and quality purposes.

This is a Lifetime mortgage which may reduce the value of your estate and may affect your entitlement to state benefits. To understand the features and risks ask for a Personalised illustration.

Any information contained herein is a personal opinion of the author and should not be considered to be advice of any kind. Inheritance Tax planning is not regulated by the FCA. Think carefully before securing other debts against your home. By consolidating your debts into a mortgage you may be required to pay more over the entire term than you would with your existing debt.

Only if you choose to proceed and your case completes will Responsible Life Limited charge an advice fee, currently not exceeding £1,295. Our adviser will talk through the setting up costs of a lifetime mortgage before you make any decision to proceed.

© All rights reserved

Made by Si Hearn

Close Menu
Call Now ButtonUK Business Directory