Property value of the over 60’s has risen since May 2012. ONS figures revealed in August that the nation’s pensioners own property worth more than £750 billion. Nationally, properties gained an average of £2,956 per building, or £13.66 billion nationwide. This comes at a time when by comparison to this time last year, national property values have grown by 2.3%.
Londoners have seen the biggest rise in property value with nearly £16,000 added to their property worth, with Scotland coming up shortly behind with gains of £12,720, and Wales at £5811. However despite the national improvement in value, the North and Midlands of England remain damaged by the recession; with the East Midlands pensioners losing £713 off each property, and the North West, North East and Yorkshire and Humberside also seeing drops in value.
In the Southern regions, mortgages for pensioners appear to be increasingly eradicated. Londoners aged over 65 are generally better off as they own properties without mortgages worth £131.13 billion. Similarly those in the South East come up shortly after with owning mortgage-less properties worth £123.35 billion. Given these gains by the over 60’s community, their housing security in this time of economic instability and pension cuts would appear to be their saving grace.