Retired homeowners have total property wealth owned outright of up to £767.06 billion, according to equity release adviser Key Retirement Solutions.

Its property index reveals that homeowners aged 65-plus gained a collective £1.875 billion in the past three months.

However, five of the 11 areas in Great Britain seeing house price falls with Scottish pensioners the biggest losers suffering a 7.8% drop in property equity – equivalent to £12,249 – between March and June.

The biggest winners were over-65 homeowners in the North East of England who gained 4.62% on average – around £5,066 each – and those in the North West were £2,152 better off – 1.83% up.

Key Retirement’s figures show nearly a third of property equity is owned by pensioners in London and the South East of England – in London over-65s own property without any mortgages worth £124.57 billion while in the South East pensioners own £123.13 billion of property without mortgages.

However property wealth is spread throughout Great Britain with retired homeowners in the South West holding 15.2% of the total housing equity stock and a total of £116.72 billion.

Dean Mirfin, group director at Key Retirement Solutions, said: “The housing market recovery remains patchy with winners and losers across the country but even those pensioners who have seen prices fall are still literally (sic) sitting on riches.