|    FM Home   |    FM News   |    FM Forum   |    FM Blog   |    20th of January 2018
|   Banking  |   Insurance  |   Property  |   Mortgages  |   Economy  |   Investments  |   Credit Cards  |   Debt  |   Loans  |   Pensions  |   Companies  |  

Property News feed Property News

All Financial News feed All Financial News

Britons hold faith in house price rises to fund retirement

Bookmark and Share

by Gill Montia

Britons’ love affair with property has left more than one million over fifties looking sadly on their retirement prospects.

According to a poll by insurer LV=, 12% of homeowners aged 50 and over are relying on capital growth from their homes to part-fund their non-working years.

The boom years of the UK’s housing market actually encouraged lower contributions to pension schemes in some cases, in the belief that house prices would continue rise.

The expectation continues despite the average home having lost £27,250 in value the past two years, with 29% of the 4,000 people questioned expecting prices to recover in three to five years.

Meanwhile, 17% are proposing to improve their homes to adjust their losses and 21% will save more for retirement.

LV= spokeswoman, Vanessa Owen, comments: “In a matter of months millions of pre-retirees have seen both their property and pension fund values battered.”

She adds: “Despite this, their confidence in the long-term value of bricks and mortar remains.”

Yesterday, Nationwide reported that the average price of a home increased by 0.5% in November, marking the seventh consecutive monthly increase and taking annual house price inflation to 2.7%.

Discuss this in the Finance Markets forums

Story link: Britons hold faith in house price rises to fund retirement

News posted: December 2, 2009

Financial Services:

Related financial stories to: Britons hold faith in house price rises to fund retirement:
Previous: «
Next: »

Visited 2462 times, 4 so far today

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.

Tags: , , ,