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Last Updated: Monday, 16 January 2006, 00:06 GMT
Pensioners' homes top 1 trillion
For sale signs
Property values continued to rise during the last 12 months
Property owned by pensioners has topped the 1 trillion mark after values rose by nearly 50 billion in 2005, a retirement housing group says.

The average retired homeowner has seen the price of their home rise by 3,360 during the past three months, up to 174,495, Economic Lifestyle said.

Of the UK's 6.3m pensioners, those in London saw the biggest property value rise - 16,005 on average.

But the group warned that the property market would slow in 2006.

Pensioners in Scotland saw gains of 14,568, and there were rises of 11,909 in the north-east of England.

South West drop

However, those in the South West saw the values of their properties fall by 3,502 and in East Anglia by 1,693 during the past 12 months.

The managing director of Economic Lifestyle, Mark Neal, said: "It is good news that pensioners are almost 50 billion better off than they were this time last year.

"However, the figures should not mask the reality of life for many retired homeowners in Britain today.

"Living in a valuable property while struggling to get by on the state pension does not make you feel wealthy."

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