Older people ‘have thousands wiped off’ property values

Older people are seeing thousands of pounds wiped off the value of their homes, which could lead to them experiencing debt management issues in the future, it has been suggested.

Michelle Mitchell, charity director at Help the Aged and Age Concern, noted that the decline in property prices may have a negative impact on elderly people who rely on the equity in their homes for finance.

The current economic situation poses “significant risks” for this group, she said, such as having to rely on local authorities to fund care in later life.

“Falling property prices could limit the options for older people planning to sell their home and use the proceeds to pay for care,” Ms Mitchell remarked.

Her comments came following the release of figures from propertyfinder.com, which showed that over the past year, the average pensioner has seen approximately £52,000 wiped off the value of their house.

By Jamie Price