Pensioner properties worth £891bn
Since January 2010, when Key started monitoring over-65s housing, total property wealth has risen by 14% – amounting to £111bn.
In the last three months collective wealth has grown by nearly £17.5bn, or £3,725 per household.
Key predicted the equity release market expanding in the years ahead, with its customers currently drawing out £68,500 on average.
Dean Mirfin, technical director at Key Retirement, said: “The strength of the housing market is reflected in the growth in the amounts being released through equity release plans.
“The success of property investment for millions of over-65s homeowners highlights how homes are major assets which should be considered as part of anyone’s retirement planning
“Property prices rise and fall but over-65 homeowners control more than £891bn in assets which can make a major contribution to enhancing retirement lifestyles. Pensioners however need specialist advice before accessing their property wealth.”