Retirees `may be left with financial difficulties due to property prices`

Retirees in the UK may be left with financial difficulties - potentially including debt problems - as a result of falls in the price of properties, it has been suggested.

Research Now figures cited by uSwitch.com reveal that almost 1.7 million pensioners are relying on property to fund their post-work years, at least in part.

This group has already seen a combined reduction in wealth of more than £46 billion over the last year as the value of homes fell by an average of just over £28,000, according to figures produced by Nationwide.

Commenting on the statistics, Ann Robinson, director of consumer policy at uSwitch, said: "Falling house prices coupled with the stock market crash and low savings rates have combined to take the wind out of the sails of many of those approaching retirement."

Meanwhile, Just Retirement recently claimed that pensioners in the UK are suffering financially as a result of high rates of inflation and low interest on their savings.