Retired homeowners saw the value of their property wealth rise by nearly £2 billion over the past three months as house prices continued to edge ahead, research showed today.
Over 65s collectively had £767 billion of equity in their homes at the end of last month, £1.88 billion more than in January, according to equity release specialist Key Retirement Solutions.
The research found that nearly a third of property equity owned by pensioners is held by people in London and the surrounding counties, although equity levels in the South-East fell.
Retired homeowners in the North-East saw the biggest increase in their equity levels during the period, with a rise of 4.6% or just over £5,000 per household, followed by those in the North-West at 1.8% or £2,152.
At the other end of the scale, pensioners in Scotland were the biggest losers, seeing the value of their equity fall by 7.8% during the three months, an average drop of £12,249 per household.
Equity levels also fell in the West Midlands, Wales and Yorkshire and Humberside.
Dean Mirfin, group director at Key Retirement Solutions, said: "The housing market recovery remains patchy with winners and losers across the country.
"The property wealth owned outright by pensioners represents a potential source of income for the over 65s particularly when other sources of retirement income are under pressure from low interest rates, rising inflation and falling annuity rates."
