Many people over the age of 50 don’t know the true value of their home, a poll has revealed, but collectively they have £2.27 billion in property wealth.
In a poll of 11,700 over 50s by the Saga Equity Release Advice Service, a third (31 per cent) of homeowners said they view their property as a way to fund care in later life, while a quarter see it as a source of income for their retirement.
Despite this, just a fifth of people over 50 say they have arranged a professional valuation of their home. When people do estimate the value of their home around half will look at property websites, while almost two thirds take their chances on property pages, using their own judgment to tag an approximate value on their property.
Saga estimates that around £70 million in ‘hidden value’ may have been added to the homes of the UK’s over 50s in recent years. Statistics from the Centre for Economics and Business Research show that the property wealth of older people has increased from £2,198 billion in 2011 to £2,270 billion in 2013.
Andrew Strong, CEO of Saga Personal Finance, commented: “It seems many over 50s could be blissfully unaware how much their property is worth. With a professional valuation and a few simple steps, they could unlock the value of their homes and enjoy a much more satisfying retirement; and also plan for their longer term care needs and even arrange that preheritance for the children whist you can still see them enjoy your generosity.”
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