House price crash drains Brit pension pots

clock

Falling house prices have wiped off £29bn from British pension pots this year as nearly a tenth of the population relies on property to fund their retirement, new research reveals.

With three million working Britons relying on their property to supplement their pension, tumbling house prices have wiped £29bn off the value of their property pension pots this year alone, according to Baring Asset Management. Barings' online survey of 1,574 non-retired adults conducted in July, found a quarter of individuals relying on their home for retirement are aged between 55 and 64 and a further 200,000 are over 65, leaving them little or no time to build up extra capital to help fund their retirement. Relying on homes to fund retirement is particularly prevalent in the East ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Pensions

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Labour scrapping higher rate pensions tax relief is 'politically unlikely'

Despite being ‘potentially lucrative’

Isabel Baxter
clock 30 September 2024 • 4 min read
Failed Hartley Pensions clients face months-long SIPP transfer document delays

Failed Hartley Pensions clients face months-long SIPP transfer document delays

Frustrated client notes that communications were promised from April to June

Isabel Baxter
clock 29 August 2024 • 3 min read
British Steel pensions transfer advice debacle in numbers

British Steel pensions transfer advice debacle in numbers

‘The FCA continues to pursue those who gave poor advice’

Isabel Baxter
clock 29 July 2024 • 3 min read