New figures have revealed that retired homeowners received over £7,900 in property wealth during 2017.
Data from Key retirement showed that total property wealth almost reached an all-time high of over £1.1 trillion, having grown by £37 billion.
On average, therefore, owning a property outright has been worth a monthly total of around £660 for retirees who own their own home.
Those to see the biggest gains were in the South East and East Anglia, with the biggest gains being gains recorded at over £1,000 per month.
Retired homeowners have seen their housing wealth grow by around 41% since 2010 when Key began analysing the data. On average, this equates to around £68,500 each.
Commenting on the figures was Dean Mirfin. The chief product officer at Key Retirement stated: “The long-term strength of the housing market is delivering for retired homeowners who have made around £7,900 in the past year.
“Total property wealth of more than £1 trillion means pensioners who have paid off mortgages can rely on using their homes to generate tax-free returns no matter what happens in the short and medium term.
“The average homeowner is releasing through equity release the equivalent of the gains made since 2010 and property wealth is having a dramatic effect on the standards of retirement living for many thousands across the UK.”
