OVER-50S’ EQUITY BOOST
RESEARCH from over-50s experts SunLife reveals that older homeowners typically have more than £127,000 in property equity.
SunLife surveyed 1,000 homeowners in their 50s, 60s and 70s and found that on average, they bought their current home 20 years ago for £113,365, and that it is now worth, on average £240,681, meaning their home has more than doubled in value and they have £127,316 tied up in the value of their homes. For those in their 70s, the average increase is £146,291 or 153%.
It may be no surprise that over-50s in London have seen the value of their homes rise the most – by £210,863 on average from £145,714 in 1998 to £356,577 today.
Outside London, the over-50s who have seen their homes rise the most in value are those in East Anglia; the average over 50s homeowner in the region bought their home 21 years ago for £123,501 and has seen that climb in value to £302,038, an increase of £178,537, or 145%.
And while over-50s in the North West have not seen the highest increases in cash terms, in terms of percentage rise, they have seen the largest increase; the average over-50 in the North West paid £78,571 for their home in 1999 and it is now worth £199,239, an increase of £120,668 or 154%.
The lowest, in terms of percentage, is the North East – the average over-50 there has seen their home increase in value by 64%, the lowest after Scotland (73%), from £84,523 in 2001 to £138,403 now.
To find out how much your home has made, go to sunlife. co.uk