Homeowners should ensure they consider taking equity release to add to their savings or improve their retirement, the Equity Release Council has claimed.
ONS statistics show that the total net wealth of private households in Great Britain was £14.6 trillion in April 2016 to March 2018.
This is a rise of 13% from April 2014 to March 2016, mainly because of increases in private pension and net property wealth.
Jim Boyd, chief executive of the Equity Release Council, said: “Great Britain is sitting on £14.6 trillion in wealth, largely driven by growing pension and property assets.
“This data shows that property makes up an increasing contribution to wealth overall – totalling £5.09 trillion – and accounts for 35p in every pound of household wealth, but represents a far greater proportion of the wealth of our oldest citizens.
“Indeed people over the age of 55 have 65% of the share of property wealth held by UK households.
“This property wealth provides a potential solution to meet the challenges of our rapidly ageing population whether it is to supplement inadequate savings for ever longer lives in retirement, supporting younger generations or even meeting the costs of care.
“While drawing on property wealth is not suitable in every circumstance, it should now be on all homeowners’ checklists as they consider how to meet these needs in later life.
“Access to good guidance and advice to enable people to consider all sources of wealth as part of financial planning is important to ensure better outcomes for all generations.”