Property a key source of retirement income

Almost three-quarters of Brits will consider using their property to fund their retirement plans, a new survey shows. The Equity Release Council (ERC) polled nearly 2,000 UK adults from all age groups and found that 61 per cent consider their property to be a top-three source of income.

By 2017, the ERC expects that more than a quarter of a million British adults will be considering downsizing, perhaps through a quick home sale, while nearly 60,000 will be looking into equity release. While the dependence on property for income decreases in older age groups, it still plays an important role for today’s over-50s.

ERC chairman Nigel Waterson explained: “This research clearly shows that more and more people are considering using their property as part of their retirement finances. This might mean choosing to downsize, rent a room out or use equity release – or any combination of the above.”