Retired homeowners have total property wealth owned outright of up to £765.18 billion, so says new research from independent equity release adviser Key Retirement Solutions.

The launch of Key Retirement Solutions’ Pensioner Property Equity Index, which will track the property wealth of the over-65s on a quarterly basis, shows that a third of the housing wealth is concentrated in London and the South East.

Over-65s in the South East own property without any mortgages worth £123.44 billion compared with £122.65 billion held in London, the index shows.

However property wealth is spread throughout Great Britain with retired homeowners in the South West holding 15% of the total housing equity stock and a total of £115.64 billion.

Dean Mirfin , business development director at Key Retirement Solutions, said: “The housing market has been through a tough time and there are still doubts over the strength of the recovery.