Scots pensioners lose property value

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Retired homeowners have total property wealth owned outright of £752.72 billion, new research from independent equity release adviser Key Retirement Solutions shows.

But a growing regional divide is emerging with pensioners in Scotland, Wales and the south-west of England suffering major falls, Key Retirement Solutions’ Pensioner Property Equity Index found. There were still winners with over-65 homeowners in some areas seeing increases.

Across the UK, homeowners aged 65-plus lost a total of £3.64 billion in the past three months – equivalent to around £787 each – as housing market volatility continued, the study shows.

But the national figure masked major differences across the country with the average over-65 homeowner in Scotland losing £6399 in the past three months, while in Wales they were £2062 worse off and £2063 down in the south-west of England.

The biggest winners were pensioners in the West Midlands, who gained £980 in the three months while over-65s in the east of England were £636 ahead.