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City analysts today warned the government that the British economy is set to witness a recession which could last up to 18 months. Capital Economics predicts that the gross domestic product for the...
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Friday 21st September 2007
Retired homeowners in Scotland make £12 million a day - without even leaving the house.
According to research by Prudential, the housing boom means that a group of Scottish pensioners see the value of their collective homes grow by a staggering £12.54 million a day, a windfall of £4.58 billion, just for staying at home.
Ali Crossley, business director of retirement income at Prudential said: "We were genuinely surprised by just how large the figures were for the increase in property value highlighted by our research.
"Many retired homeowners will be astonished to learn just how much their property is accruing annually."
The research shows that people aged 65 and over in Scotland who own their homes outright, have £41.691 billion in property equity, £4.58 billion of which has been made in the last year alone.
Ms Crossley added that this growth, combined with higher living costs, meant that equity release was looking ever more attractive to many retired people.
"Retirement is becoming more expensive but homeowners have seen the value of their properties rise dramatically in recent years, which means more retired homeowners are releasing equity from them.
"Indeed, retired homeowners have released approximately £302.3 million between May and July this year through equity release plans," she said.
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