Pensioners own property worth £743bn

Equity release adviser Key Retirement Solutions has tracked the amount of equity held in property by over- 65s in 11 areas of the UK. It found a third is owned by pensioners in London (£125.31 billion) and the South East of England (£122.08 billion) who have paid their mortgages off. However, pensioners have suffered losses as the housing market has stalled with £6.38 billion dropping off house prices in the six months to April this year - an equivalent of £1,595 per household. Homeowners in Scotland and Wales were the worst hit with losses of £11,946 and £5,334 on average while retir...