Over-50s see £7k house price growth since July

Over-50s have seen their homes rise in value by an average £7,023 in just two months, according to research from SunLife.

The over-50s expert suggested that house prices rising at their highest rate since 2016 could be “welcome news” for many older homeowners relying on property wealth to fund their retirement.

SunLife’s data showed that homeowners over the age of 50 have seen their homes more than double in value over the past 20 years, from an average of £113,365 in 2000 to £240,681 in July.

SunLife equity release director, Simon Stanney, commented: “Our research shows that one in four homeowners over 50 say they are worse off than they expected to be at this time in their lives and are worried their money will run out before they die.

“Of those still working, 43% say they don’t think they will have enough money for retirement while 10% say they ‘don’t know’. Amongst those that are already retired or semi-retired, 15% don't think they have enough money to last.”

SunLife’s research, which surveyed 2,000 people over 50 about their finances, also showed that 20% of over 50s are planning to use their property to fund their retirement.

Stanney continued: “Downsizing is one way to release the equity tied up in your home, but our survey reveals that more than half of older homeowners don’t want to move, so for those homeowners over 55 who need to boost their finances but don’t want to move, equity release can offer a solution.

“With equity release, the money is tax-free, and you can use it for whatever you like once you have paid off any existing mortgage. For many, this will be to boost their incomes or maybe help family who may need financial support.”

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