Owner-occupiers aged 65 and over hold a record estimated £2.587 trillion of net housing wealth in homes worth a total of £2.735 trillion.
According to the latest assessment of housing wealth from Savills, those aged between 50 and 64 hold a further estimated £2.183 trillion of housing equity, including £679 billion in the private rented sector.
In total the over 50s now hold 78% of all the UK’s privately held housing wealth.
According to Savills’ research, over the past 10 years, the amount of net housing wealth held by owner-occupiers aged 65 and over has risen by over £1.111 trillion.
Exactly 50% of the total housing wealth in the south west is owned by those over 65s. The region, popular with downsizers and retirees, sees older homeowners make up the largest percentage of equity.
Unsurprisingly owner-occupier wealth is highest by value in the south east. Here, over 65s hold £475 billion of housing wealth, which is more than £8 billion more than the total for the whole of the north of England and Scotland combined.
The biggest increase in housing wealth held by those over 65s over the past 10 years is in the south east. It has gone up by £248 billion, more than 2.5 times the growth in housing equity seen by those under the age of 50 in that region.
Sheldon Bosley Knight’s director of residential sales, James Morton said: “These figures should not really come as a surprise as those aged 65 have now paid off their mortgages and some have been able to take advantage of investing in the buy-to-let market which is an important part of their retirement pot.
“House prices have gone up exponentially over the past 30 years, and so the figures, while at first glance are eye-watering, merely reflect the value of property now and how much it has risen in the last few decades.
“The market is now stabilising after a few tumultuous months following the September mini budget and we are seeing no let-up in demand for homes for all age groups, whether first time buyers or those who wish to downsize as retirement beckons.
“As ever if you would like any advice or help in your search for the perfect property, please visit our teams in our branches or online and we would be happy to help.”