Retired homeowners have total property wealth owned outright of £756.6 billion despite continuing housing market volatility, according to Key Retirement Solutions’ Pensioner Property Index.

The equity release adviser found that homeowners aged 65-plus have gained a total of £4.4 billion in the past three months, equivalent to around £962 each.

Whilst overall housing wealth has increased there is a growing divide between winners and losers with six regions showing increases and five suffering declines, KRS said.

Over-65 homeowners in Scotland were by far the biggest winners seeing average gains of £10,070. Over-65s in London and the East of England also benefited with gains of £3,867 and £3,548.

However over-65 homeowners in the North West, East Midlands and Yorkshire & Humberside suffered average losses of £1,420, £1,203 and £1,111 respectively.

Key Retirement’s figures show 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 £127.2 billion while in the South East pensioners own £122.24 billion of property without mortgages.

Dean Mirfin, group director at Key Retirement Solutions, said: “It is difficult to forecast exactly where the housing market is going and it remains volatile. While the gains of the past three months are welcome the picture is not at all clear and