Retired homeowners in Northern Ireland are making £38,000 a day from their homes sharing more than £3.5million in property wealth in the first three months of this year.
Analysis from over-55s finance specialist Key Retirement shows that retired homeowners made around £58,400 each tax-free on average by using equity in their home in the first three months of the year.
The detailed study, which also analysed the reasons for releasing equity across the whole of the UK, found the main motivation for using property wealth was to fund home and garden improvements with 62% using some or all of the cash to revamp their property.
The size of the payouts are having a major impact on the standard of living in retirement, enabling pensioners to tackle a range of tougher financial issues with 30% using some or all of the money to clear debts (including credit cards and loans) and a further 22% repaying an outstanding mortgage.
Families are also big beneficiaries with over one in five (22%) retired homeowners using money to help out relatives, including providing deposits to help with a property purchase. They are also making the most of the wealth in their homes for themselves with 32% using some or all of the money for holidays.
Dean Mirfin, technical director at Key Retirement, said: “Property wealth is making a huge contribution to retirement planning, and that is demonstrated by the growth in the value of equity being released in Northern Ireland.”
