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English Over 55's Now One Of The Richest Property Owners In The World

English homeowners aged 55 or over now collectively own £1.5 trillion worth of property, according to new research.

English homeowners aged 55 or over now collectively own £1.5 trillion worth of property, according to new research.

The report compiled by retirement income specialist, Age Partnership, revealed that the age group is now one of the richest property owners in the world, with a collective portfolio worth £0.1 trillion more than Italy’s entire annual GDP.


The size of the age group is expected to rise from 16.2 million in 2016 to 21.5 million by 2036. This, combined with Age Partnership’s estimation that the collective worth of the age group’s property will rise by 2%, means that the value is expected to reach £1.9 trillion over the same period.


The large amount of capital locked into property has encouraged leading figures at the Bank of England and the FCA to debate different means for pensioners to benefit from their extensive property wealth.


One popular alternative for pensioners who do not want to downsize to release money from their property is equity release, which helps to unlock the capital.


Commenting on the results from research Simon Chalk, equity release expert at Age Partnership, said:


‘The total property wealth of over-55s is already in the trillions – it even tops the GDP of Italy. This stored wealth cannot be ignored: housing must become a primary part of retirement financial planning and we need to open up more channels to help over-55s benefit from it.’


Last month, research from KeyRetirement.com revealed that the over 65’s on average possessed a total property wealth of over £1 trillion.

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