Over-60s now own 55% of all property in the UK
Baby boomers now own the majority of the country’s housing wealth as younger generations wait longer and longer to get on the property ladder, new analysis shows.
Data from Savills shows that people aged 60 and over own 55 per cent of the UK’s housing wealth, while those aged 40 and under own just 10 per cent; This shows that the gap between generations is widening.
Over-60s have a record wealth of £3.84 trillion, including mortgage-free, capital and buy-to-let assets. They own a total of £2.925 trillion in main residences alone. This is up £35 billion on the previous year, as the figure continues to reach new highs.
Meanwhile, those in their 40s have £860bn; £536bn in their 30s; and under 30s, £130bn. This totals £1.526 trillion, or just 22 per cent of the market.
People in their 50s own £1.139 trillion, accounting for 23 per cent of the market.
Separate analysis Independent Stating that 62 percent of households that directly own homes in the 2024/25 period will be people over the age of 65, the report revealed how the tendency to own a home has changed over time.
This compares with 23 percent in the 55-64 age group, 9.16 percent in the 45-54 age group, and less than 3 percent for every group below that range. Official data show that this gap has widened over the years, with the percentage points between those over 65 and those aged 45-54 rising from 42 to 53.
Experts pointed out that rising house prices are an important obstacle faced by young generations. Levels have remained consistently high following the rise in house prices during the Covid pandemic. The average price was around £230,000 in 2020, reaching around £300,000 in 2022. This has now fallen to £270,000, according to the latest government data.
Lucian Cook, head of housing research at Savills, said: “Housing is clearly a major store of wealth in the UK, particularly for older homeowners who hold high proportions of both homeowners and buy-to-let buyers of housing wealth.”
“Last year we saw stronger first-time buyer transactions as mortgage regulation was relaxed, but the transfer of equity between generations will continue to be a prominent feature of the housing market in the coming years.”
