Retired homeowners gained around £1,300 a month in the past three months as the housing boom boosts their property wealth, new research shows.
The average total gain over the three months for pensioners who have paid off mortgages was £3,950, according to the latest Pensioner Property Equity Index from Key Retirement Solutions.
Homeowners over-65 now have property wealth of nearly £793 billion, up more than £18.5 billion in the past three months as house prices rose across almost all of the country.
This is the highest level since KRS launched its Pensioner Property Equity Index in March 2010.
The gains aren't evenly spread across the country, however, with over-65s in Wales seeing the average property wealth fall by £2,796 over three months.
Every other region saw gains, however, with over-65s in London an average £9,532 better over three months and £30,000 over 15 months.
Pensioner homeowners in the South East were £8,095 better off and in the East they gained £5,951.
More than 36% of pensioner property equity is owned by over-65s in London and the South East.
Dean Mirfin, group director at KRS, said: “The housing market boom is a mixed blessing for homebuyers but for pensioners who do not have mortgages it genuinely boosts their wealth.
“Across most of the country property wealth is rising which is a genuine positive when other sources of retirement income are under pressure."
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