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Fairyland

50,000 London Pensioners Are Property Millionaires

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More than 50,000 over-65s in London live in properties worth more than £1m - giving them a combined property wealth of almost £130bn.

New research has found that all but two London boroughs are home to pensioners in million-pound houses - and that almost £70bn of pensioners' property wealth is concentrated in just 13 square miles across two West London boroughs.

While young Londoners spend tens of thousands on rent before they can afford to buy a house, pensioners hold tens of billions in property wealth as they feel the benefit of rapidly increasing house prices.

In many cases these older homeowners would have bought their properties for a fraction of today's prices. They would have benefited too from higher inflation, eroding the value of their mortgages relative to their incomes.

Over 10,000 of the residents of Kensington and Chelsea are over-65s who live in properties worth at least £1m - or 6.3pc of the borough's population of 160,000.

London, PENSIONERS PARADISE.

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I doubt they will spend their house in the rest of their lifetime......so no if they have not given it away first it will not benefit them but their beneficiaries, perhaps they will be relying on it to repay their own debts and help provide a pension? ;)

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Equity release is about to take off big time.

Asset rich cash poor.......born with nowt, die with nowt......will always be someone out there ready to take it off of you, big profits in equity release I would think.....still what you have never had will never miss. ;)

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According to the 2011 census 12.1% of the population of Kensington and Chelsea are over 65 so one must assume that while half of them are property millionaires (i.e the 6.3% of the total population of the borough mentioned in the Telegraph article) it is likely that the other half are not.

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Surprised it's only 50000.

I even know one of them. Now mid-90s. Downsized twice since bringing up a family, still has a nicer place than I ever will.

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Surprised it's only 50000.

I even know one of them. Now mid-90s. Downsized twice since bringing up a family, still has a nicer place than I ever will.

Pensioners are a smaller percentage of the population in London than elsewhere (just over 1 in 10 of the capitals demographic). I expect many of the beneficiaries of London HPI sell up at retirement age and move out of the capital. This is one of the ways in which property demand in London leaks out into higher prices in the provinces. While stay put London pensioners definitely gain from rising property values in the capital I doubt their numbers are large enough to makes much difference to the price of housing in the capital as a whole. Edited by stormymonday_2011

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All they have to do is to realise the profit in their houses and sell them to those hard-pressed FTB with kids ... oh wait ...

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Some kind of preparation for Land Value Tax? Pay or move? Would be good if tax earned us ploughed back into housing.

Edited by Fairyland

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