Whilst first time buyers and young people may be finding the current housing market a struggle to find their footings on, Britain’s home-owning pensioners are enjoying a profit form the house price hike.
The older generation, who were able to buy their properties before prices started creeping up, and many of whom own their homes outright, have seen their investments soar by a predicted £9.24 billion since the start of the year, according to research released by KeyRetirement.com’s Pension Property Index, which tracks the equity held in property by UK residents aged over 65.
On average, an individual aged over 65 who still has an outstanding mortgage on their property has made more than £500 a month in equity since January, whilst anyone who owns their house outright can celebrate a tax-free earning of around £2,096.
London-based homeowners have made the most out of their properties, with a rise of nearly £21,000 since January, whilst at the other end of the spectrum pensioners in Scotland have suffered losses of nearly £8,500.
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