English Over-55s Own Property Worth More Than Italy's GDP
Posted by siteadmin on Monday 1st of May 2017.
New research (1) shows that English homeowners aged over 55 hold £1.5 trillion of equity in their homes, a figure that’s more than the annual GDP of Italy.
Looking to the future, increasing longevity means that the over-55 population is expected to grow by a third in the next 20 years. So, by 2036 the figure could increase to £1.9 trillion, not including likely house price inflation.
Small wonder then that retirement homebuilders, McCarthy & Stone, find that 34% of people aged 55 to 64 in the UK are looking to downsize to a smaller property for their retirement years. Downsizing can help generate spare funds to bolster retirement income, and smaller purpose-built retirement properties are easier and cheaper to run.
(1) McCarthy & Stone, Generation Stuck, 2016