Confidence in bricks and mortar remains strong, says LV=

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Confidence in bricks and mortar remains strong, says LV=

Many middle-aged people are still confident in the value of their property, according to LV=.

Research conducted by the group showed that 1.3 million individuals aged over 50 still plan to fund their retirement by cashing in on their homes.

These hopes have been buoyed recently, with the price of UK properties steadily rising - despite the fact that, on average, homeowners nearing the time where they leave full-time work said their house has lost £27,250 in value.

Other factors that have impacted on the finances of this demographic include the fact that many did not put aside much cash in previous years, as they were depending on their homes to see them through retirement.

Similarly, some have had to reduce the amount of money they save due to the pressure of living costs throughout the recession.

However, Vanessa Owen, LV= head of equity release, commented on their optimism: "In a matter of months millions of pre-retirees have seen both their property and pension fund values battered.

"Despite this, their confidence in the long-term value of bricks and mortar remains."

According to a study conducted by LV= last month, homeowners see burglary as a bigger threat to being unable to pay off their mortgage.

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