Retired homeowners make £151m per day

In total, retired homeowners in England and Wales are thought to be sitting on property equity worth over £713bn. However, rising living costs for over 65s have led many pensioners to unlock the equity in their property through equity release schemes. The research shows homes owned by retired people have increased in value by an average of £151.22m a day between May 2006 and June 2007. Pensioners living in London have made the biggest gains, with an estimated £22bn rise in property value since May last year. Those in the North of England have seen the smallest gains, with property value...