Mortgage-free retired homeowners saw their homes increase by nearly £1,000 a month in the past six months despite housing market uncertainty, analysis from equity release adviser Key has found.
Total property wealth owned by over-65s who are mortgage-free is at a new record high of £1.118 trillion, after increasing by £5,998 on average across Great Britain.
In the past six months homeowners in Yorkshire and Humberside (+£8,607) have seen the biggest increases followed by those in Wales (+£7,875) and the North West (+£7,546).
Retired mortgage free homeowners in London (+£1,655) saw the smallest rise.
Will Hale, chief executive at Key, said: “The numbers are fascinating but the basic fact is that no matter what happens year to year to house prices many over-65s will have considerable property wealth which can transform their standard of living in retirement and help family members.”