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bigger textRetired's property assets go past £775 billion mark
British pensioners are currently sitting on a property fortune of more than £775 billion - substantially more than the UK Government's annual spending.
The latest figures from the Homewise Pensioners Property Price Index (PPPI) shows that this figure went up by almost £7 billion during the third quarter of 2007, a collective increase of around £75.9 million every day.
According to PPPI, the nation's 3.9 million retired households have each gained on average around £21,282 in property value so far this year. In fact, retired households now make up 27% of the total value of owner occupied UK property, with 93% of these properties nown owned outright.
The leading retired hotspots are the South East and the North West, with the North East having the fewest retired households. Despite having fewer retirees, retired households in the South West comprise 32% of the total regional property value, higher than the national average. Also bucking the national trend is the North West, where retired households are making up 30% of the total property value for the region.
Whilst this may look positive, when put into context alongside the £57 billion of pensioner debt (as revealed by Scottish Widows in August 2007) and the rising cost of living, the reality is far from rosy.
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