Research from Key shows that mortgage-free retirees continue to benefit from rising house prices, but major regional variations are evident.
In total, the value of property owned by the over-65s who no longer have a mortgage in Great Britain hit £1.1tn, a £28bn rise over the last six months.
This equates to an average growth in value for each property of £5,998.
Looking at this on a regional basis shows that properties in Yorkshire and Humberside were the biggest risers, gaining £8,607 in value over the last six months.
Meanwhile, homeowners in London experienced the lowest increase on average, at £1,655 over the same time frame.
Key adds that since 2010, when it first started to collect this data, retired homeowners across Great Britain have seen a £340bn rise in their total property wealth, which is representative of a 43 per cent increase.
Key chief executive Will Hale comments: “Retired homeowners who have paid off their mortgage have made on average nearly £1,000 from their homes per month with over-65s in some parts of the country experiencing even bigger gains.
“The numbers are fascinating, but the basic fact is that no matter what happens year-on-year to house prices many over-65s will have considerable property wealth which can transform their standard of living in retirement and help family members.”