4th November 2022
Amount Of Capital Held In Property
Money concerns about retirement are more prevalent among those over the age of 65 than they were six years ago. In 2016, only 1% of this cohort expressed concern about running out of money in retirement, while another 1% expressed concern about not having enough money to fulfil plans and dreams such as travelling. Six years later, the proportion has risen significantly to 11% for both.
The amount of capital held in property, on the other hand, has increased for this age group. Sixty-five to 74-year-olds have lived in their current home for an average of 24 years, which means they have benefited from nearly all of the property price increases since the late 1990s, when the current property boom began. When this age group typically purchased their current home in 1998, the average cost of property in the UK was £66,231. According to the findings of the study, the average property of this age group is now worth £302,000, more than four times the original purchase price.
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Source data: ] HMLR’s UK House Price Index. www.gov.uk/government/collections/uk-house-price-