Seizing home advantage

A GROWING number of pensioners will be forced to tap into their property wealth to fund a decent standard of living in retirement, a new report warns.

- By Harvey Jones

Almost four in 10 retirees are heading for an income below the sum required for a minimum standard of living, despite many sitting on significant housing assets.

Now campaigners are urging the Government to make it easier for older people to access their property wealth. New analysis by consumer group Fairer Finance suggests that by 2040, more than half of UK households will need to rely on property equity to cover retirement spending.

Unlocking this wealth could inject up to £23billion into retirement incomes each year and deliver a huge boost to the UK economy.