Pensioners facing property shortfall

Pensioners have seen an average of £52,000 wiped off the value of their homes during the credit crunch. A report from propertyfinder.com shows that, overall, pensioners have seen their wealth drop by £220 billion, bringing the total value of property they own in England and Wales down to £800 billion. As many as 1.7 million pensioners – nearly 14 per cent – rely on property to fund their retirement, with many expecting to downsize and use the spare cash to pay for care costs.