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Pensioners' homes top £1 trillion (UK)
Property owned by pensioners has topped the £1 trillion mark after values rose by nearly £50 billion in 2005, a retirement housing group says.
The average retired homeowner has seen the price of their home rise by £3,360 during the past three months, up to £174,495, Economic Lifestyle said.
Of the UK's 6.3m pensioners, those in London saw the biggest property value rise - £16,005 on average.
But the group warned that the property market would slow in 2006.
Pensioners in Scotland saw gains of £14,568, and there were rises of £11,909 in the north-east of England.
South West drop
However, those in the South West saw the values of their properties fall by £3,502 and in East Anglia by £1,693 during the past 12 months.
The managing director of Economic Lifestyle, Mark Neal, said: "It is good news that pensioners are almost £50 billion better off than they were this time last year.
"However, the figures should not mask the reality of life for many retired homeowners in Britain today.
"Living in a valuable property while struggling to get by on the state pension does not make you feel wealthy."
News date: 16 January 2006 - 12:43
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