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Older home owners will hit the property jack pot
Whilst most first time buyers find it hard to crawl on to the property ladder, their elder relatives will have been on their long enough to reap huge property wealth rewards.
The over 60s are set to own roughly two thirds of the country's residential property within the next 20 years. Sovereign Reversions, a planning company, announced the figures, pointing out that the over 60s only make up a fifth of the population. By 2036 the over 60s will have expanded by 61 per cent. The housing boom has enabled many who bought homes during the early part of the 1990's when prices reached rock bottom, to become very wealthy without too much effort. After deducting mortgage debt the average home owner over 60 has around £265,000 of housing wealth. Equity release has proved popular with those wishing to enjoy the equity in their home rather than passing it on to their next of kin.
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