New research from Key Retirement finds that investing in UK property is still the best way to build wealth in the long-term and ensure a comfortable retirement.
Investing in 'low-risk' property should pay off in the long-term, with many investors saying it is the best way to build wealth.
New research from Key Retirement backs up this assertion, revealing that the amount of property wealth owned by retirees with no mortgage on their property is worth £1.054trillion. On average, retirees who own their homes outright made £29,010 in the year to May. Key Retirement's Index reveals that homeowners in London who are retired own a combined property wealth of £172.65billion.
Generous equity release payouts are a key part of the financial benefits of owning property in the long-term.
Technical Director at Key Retirement, Dean Mirfin, said: "Owning a house has been a major investment success for retired homeowners and the average gain of £29,000 demonstrates the contribution property wealth can make to retirement planning."
He continued: "Pensioners who have paid off mortgages have been able to rely on consistent taxfree returns from their homes, no matter what the impact of historically low interest rates and market uncertainty has been."
Owning a property outright, especially in an endlessly sought-after residential like Knightsbridge, will always prove a sound investment, regardless of any political or economic uncertainty.
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