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Tuesday, September 25, 2007

The UK's over-60s own £841 billion in housing equity

Norwich Union is a provider of financial services and equity release (reverse mortgages).

It has just published some research that quantifies the amount of housing equity owned by the 60-plus.

This staggering amount of money equates to a grand total of £82,446 each. This figure seems on the low side. I suspect that they have divided £841 billion by the total number of over-60s not just the number of home users.

The research also showed that 68% of the over-60s would never consider selling their homes.

Of the remaining respondents, 26% would only consider finding a new home if life-changing events such as a partner's death, decreased mobility or a move into long-term care occurred. However, as revealed above, a small number of over-60s (6%) did say they would consider selling their property to release money. Interesting stuff. Dick Stroud

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