HOMEOWNERS aged over 55 have more wealth tied up in their property assets than the entire GDP of Italy.

That’s according to research by the retirement income firm Age Partnership which found that over 55-year-olds currently own £1.5 trillion worth of property in the UK.

The firm noted that as the population of over 55-year-olds is set to grow by a third over the next two decades, this will boost total housing wealth in this age group by 97 per cent.