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Sunday, September 27, 2009

Property slump costs pensioners £220bn

I have been having a late spring clean of my desktop and come upon a pile of stuff I should have blogged about but never got the time.

This is a nice factlet to slip into a presentation.

According to propertyfinder.com (not exactly the statistical gurus of the UK) pensioners have had £220bn of their wealth wiped out in the past year as a result of the housing crash.

Even though they make up less than a sixth of the population, they own a third of the country's property by value. The total value of pensioner property in England and Wales has fallen to £800bn.

Retired people own half the property by value on the south coast and even more of the equity.

The UK's top "inheritance hotspot" is Christchurch in Dorset, where pensioners own 54% of the property stock by value.

Even if these figures are a tad wrong it illustrates the importance of the retired to the dynamics of the property market and the important of the dynamics of the property market to the retired. Dick Stroud

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