Consumers warned off property over pensions

Falling property prices mean people may not get as much cash for retirement as they think and should consider making other provisions. Research by Friends Provident found a third of consumers were depending on property or equity release for their retirement income. However, if property prices fall to the same extent seen in the last house price crash in the early 1990s, the average homeowner could see themselves out of pocket by £89,850 based on the Council of Mortgage Lenders’ average mortgage figures. Jeremy Ward, head of pensions marketing at Friends Provident, says: “If house prices ...