28 Mar Pensioners in East Anglia shared more than £144 million in ‘property boom’
Property wealth is boosting the retirement standard of living for pensioners in East Anglia by more than £144 million, according to new analysis from leading over-55s finance specialist Key Retirement.
Key’s Equity Release Market Monitor shows retired homeowners in East Anglia have made more than £72,000 tax-free by releasing wealth from their homes in the past year.
The detailed study found the main motivation for pensioners to release property wealth was to pay for home and garden improvements – nearly two thirds (64%) of East Anglian pensioners invested some or all of the cash on revamping their property. Retired homeowners in East Anglia are making the most of equity release for projects in and around the home – across the rest of the UK the average was 50%.
Dean Mirfin, technical director at Key Retirement said:
“Property wealth is making a huge contribution to retirement planning and that is demonstrated by the large numbers of pensioners in East Anglia using equity release.
“Retired homeowners in East Anglia are the most inclined to spend on home and garden improvements in the UK, which is partly explained by the fact they can release as much as £72,000 and are able to tackle a range of financial issues.
“It remains the case that many pensioners in the region need to clear debts. Equity release is a real alternative for retired people who are seeing traditional retirement income solutions squeezed by historically low interest rates.”