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Home  »News  »Property News

Pensioners own £654bn in property equity

27/08/2009

Pensioners in the UK currently own around £645 billion in property equity, according to new figures from Prudential. Prudential's latest Equity Release Index revealed that homeowners over 65 in England and Wales showed modest gains overall, as property prices began to reach a plateau. In Wales, the over-65s saw values rise by £3,448, while in the West Midlands retired homeowners gained £2,789 and the north-west saw increases of £818. Keith Haggart, director of lifetime mortgages at Prudential, said: "This could bode very well for people considering using their home as an asset to boost retirement income. "Equity release has an important role to play in providing retirement funds particularly when other sources of income are under pressure." Figures released by Nationwide recently also showed that house prices increased for the fourth consecutive month in August. The average house now costs £160,224, which is still slightly lower than the same time last year. Get a free equity release guide and find out how you can get some additional income

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