RETIRED homeowners have seen their property wealth grow by more than £33 billion in the past six months, according to a recent survey.

Conducted by over-55s financial specialist Key Retirement, pensioners who own their homes outright have earned an average of £7,117 each from their homes in the past six months taking their property wealth to a new record high.

In the five years since Key started monitoring the housing wealth of the over-65s, in January 2010, total pensioner property wealth has increased by £81.27 billion – the equivalent of £17,323 each.

Its Pensioner Property Equity Index shows over-65 homeowners now own property wealth of £861.188 billion outright as house prices across almost all of the UK rose.

Nearly two-thirds of pensioner property wealth is concentrated in London, the South East, the South West and East Anglia.

Dean Mirfin, group director, said: “Retired homeowners have huge assets in their houses.

“In the past five years they’ve made an average of more than £17,000 each from their homes, which is an impressive return with interest rates at historic lows.

“That’s why retired homeowners, and those approaching retirement, should think carefully about making use of their property wealth in retirement planning.”