05 July 2017
According to Key Retirement's Pensioner Property Index, on average retired homeowners who have paid off their mortgages made £29,010 in the last year to May, which is the equivalent of £2,400 every month.
Total property wealth for over 65s who have paid off their mortgages in the UK now stands at £1.054 trillion; an increase of £127 billion in just one year. In the past 7.5 years alone, owning a home has been worth around £62,000 due to house price increases.
Key's own Dean Mirfin said: 'Owning a house has been a major investment success for retired homeowners and the average gain of £29,000 demonstrates the contribution property wealth can make to retirement planning.
Whatever happens in the property market homeowners will always have a major asset that can make a major contribution to their retirement standard of living whether it is generating extra income or capital to help loved ones.”