Retired Brits Own £775 billion in Equity

A recent research carried out by Key Retirement Solutions, leading UK independent equity release specialist, showed that the overall property wealth retired Brits have accumulated amounts to  £775 billion. Most importantly, of these, £7.94 billion was gained in the past quarter of 2010.

Despite the uncertainty of the UK housing market, homeowners in Scotland gained £12,353 in property value, whereas those in the South West only received £3,713. Retired Brits in other regions of the country were less lucky as residents of the North West and North East lost £1,643 and £5,484 accordingly.

The company's research also showed that equity is distributed unequally across the UK. As such, almost 35% of equity is owned by pensioners living in London and the South East of England.

Commenting on the findings, Mr. Mirfin of Key Retirement Solutions said that the wealth retired pensioners have accumulated in their properties is a good investment, particularly in an environment where other savings sources are under pressure.