Retirees gain £20.3bn in housing wealth
Pensioners who own their homes outright have earned an average of £4,341 each from their homes – nearly £1,500 a month.
Since Key Retirement Solutions started monitoring over-65 property wealth in January 2010 its total has grown by £47.8bn to £827.796bn.
Retired homeowners in London were the biggest winners, gaining more than £23,100 in the past three months on average, homeowners in the South East meanwhile are more than £6,900 better off while pensioners in Scotland are almost £5,700 better off.
Only retired homeowners in the North East saw a housing wealth fall, with average losses of over £750.
Growing property prices are driving the equity release market, as £641m was released in the first half of 2014 with the average customer taking around £65,000 from their home.