'Over a quarter' relying on property for retirement

Posted: 03 Apr 2009 11:46:56 GMT

More than one in four Brits nearing retirement age are relying on income from property ownership to fund their retirement.

Research from consumer website uSwitch.com has found that 26 per cent of Brits aged between 55 and 64-years-old were relying on equity from their homes to supplement their pensions.

With house prices declining, however, such a statistic means a large number could now be facing the prospect of a reduced income for some time.

Some homeowners may choose to redraw their forecasts as a result of the falling house prices, but many others may choose to downsize, in order to cash in on a property before prices continue to fall any further.

Selling a property online could help ensure that it is sold faster than those sold via traditional methods, as potential buyers could avoid the added expense of an estate agent.

"Those who are approaching retirement age are concerned for their future plans," explained Ann Robinson, director of consumer policy at uSwitch.com.

"Just over one in ten 55 to 64 year olds think that they cannot afford to retire. Worryingly, 18 per cent of over 65s who are still working say that they cannot afford to retire either."



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