People living in the North-west, Wales and Scotland tend to have a better cash-to-property ratio com...
People living in the North-west, Wales and Scotland tend to have a better cash-to-property ratio compared with people in London and the South-east, suggests evidence presented by Prudential.
People in Greater London can hold property which is worth 30 times their annual income by the time they retire so their cash-to-property ratio is £18 worth of property for every £1 in cash.
This compares with a much lower £6 property ratio for every person with £1 of cash in the North and outside England, and a national average of 9:1.
Research suggests that even though some regions have much lower cash-to-property ratios, retired residents tend to earn slightly higher annuities than most other people too.
However, if people opted to use equity release, they might increase their retirement income by up to 38%, suggests the Pru.
| ||National||N West||S West||S East||W Midlands||G London|
|Avg prty price*||£119,938||£96,147||£140,709||£156,526||£117,144||£211,891|
|Avg annual retired income**||£13,765||£15,020||£13,652||£14,497||£12,069||£12,057|
|Annual income /home equity ratio||1:9||1:6||1:10||1:11||1:10||1:18|
| ||Wales||Scotland||E Midlands||Yorks/Humbs||E Anglia||N East|
|Avg prty price*||£87,741||£77,980||£107,748||£90,877||£129,735||£81,266|
|Avg annual retired income**||£15,386||£13,754||£14,277||£12,844||£14,698||£11,460|
|Annual income /home equity ratio||1:6||1:6||1:8||1:7||1:9||1:7|
Source: * Nationwide House Price figures, Q1 2003 **Prudential Retirement Index (2002)
‘Important to have an anchor’
Lack of innovation for solutions
Some 2,000 consumers affected
Achievements, charity work and other happy snippets