Pensioners Stand to Lose £52,000 On House Prices in 2009
Recent reports have raised starting news for elderly home owners. According to a report conducted by Property Finder, pensioners have seen an average f £52,000 wiped off the values of their homes. The soul cause of this being the handed out by the credit crunch.
The report found that even though pensioners make up less than a sixth of the population, they do in fact own a third of the country’s property by value. The slump in the hosing market has therefore contributed to the financial insecurity felt by pensioners across the UK .
Many elderly homeowners constantly rely on their homes to fund their retirement and choice of care homes when the time becomes necessary. However with the seamlessly constant fall in house prices, many pensioners may now face the possibility of poverty in heir old age rather than prosperity.
Hosing analysts have gauged house prices to have fallen by 21 per cent form their peak times, further yet, many city analysts have predicted the slump in prices could increase up to a miserable 55 per cent.
Much focus needs to be placed on securing futures of pensioners and safe guarding the values of their house, which they depend on for their future
