Retiree property wealth defying uncertainty with £1,000 monthly growth

Across Great Britain, average gains over the past six months are at £5,998 per homeowner - a total of £28 billion.

As a result, total property wealth owned by over-65s who are mortgage free is at a new record high of £1.118 trillion.

Homeowners in Yorkshire and Humberside have seen the biggest increase over the past six months at £8,607, followed by Wales at £7,875 and the North West with gains of £7,546.

Retired, mortgage free homeowners in London have the least to celebrate with growth of £1,655, only just matching what homeowners in Yorkshire & Humberside have achieved in a month.

Since Key started analysing the un-mortgaged property wealth of the over-65s in 2010 retired homeowners have seen growth of nearly £340 billion in property wealth – equivalent to an increase of 43%.

Will Hale, CEO at Key said: “Retired homeowners who have paid off their mortgage have made on average nearly £1,000 from their homes per month with over-65s in some parts of the country experiencing even bigger gains. Those in Yorkshire and Humberside have seen the biggest increases while those in London have seen more modest gains.

“The numbers are fascinating but the basic fact is that no matter what happens year to year to house prices many over-65s will have considerable property wealth which can transform their standard of living in retirement and help family members."