UK over-50s have average £127k tied up in property equity

Over-50s in the UK have an average £127,316 in property equity tied up in their homes, new analysis from SunLife has revealed.

Research among 1,000 homeowners revealed that the average over-50 had bought their current homes 20 years ago for £113,365, with the average value of these homes now reaching £240,681.

The figures mean that over-50s’ homes have more than doubled in value in two decades, while for those over the age of 70, the average increase is even greater, at £146,291.

SunLife’s research also revealed that over-50s in London have seen the value of their homes rise the most – by an average £210,863 – from £145,714 in 1998, to £356,577 today.

While over-50s in the North-West have not seen the highest increases in cash terms, they have seen the largest increase in terms of percentage rise – with the average over-50 in the North-West paying £78,571 for their home in 1999 for homes now worth £199,239, a 154% increase of £120,668.

SunLife revealed the lowest increase in terms of percentage is in the North-East, where the average over-50 has seen their home increase in value by 64%.

SunLife equity release director, Simon Stanney, said: “We surveyed more than 1,000 homeowners over 50, and when asked how they feel about their home, more than half said, ‘I love my home and I can’t see myself moving in my lifetime’.

“The most common reasons why over-50s don’t want to move are because they love the area they live in, that they are close to friends and family and their homes hold too many memories. Other reasons include the fact that moving is too stressful and expensive.”

“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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