Over-60s preferring to keep properties

Britain's over-60s have more than £840 billion tied up in their homes, a new study from Norwich Union reveals, but over two thirds are content to stay where they are rather than selling up.

The study found that 68 per cent of the age group said they were too attached to their home to consider selling, and also wanted to ultimately hand it on their offspring - this despite a similar proportion of elderly Britons getting by on just £10,000 per week.

The research echoes a study published by Prudential earlier this week, which revealed that Scottish pensioners over the age of 65 are sitting on almost £42 billion in property equity.

"Retirement is becoming more expensive but homeowners have seen the value of their properties rise dramatically in recent years, which means more retired homeowners are releasing equity from them," noted Prudential business director of retirement income Ali Crossley.

However, the Norwich Union study found that under a third of those surveyed said they would consider releasing equity from their homes, with just six per cent asserting they would do so for cash-based reasons alone.


© Adfero Ltd