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18h ago

Over-60s Hold Majority of UK Housing Wealth, Leaving Younger Generations Behind

New data reveals over-60s control 56% of UK owner-occupier housing wealth, while under-35s hold just 6%, sparking renewed policy calls to address generational inequality.

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A total of £2.89 trillion of mortgage-free property is held by over-60s, according to calculations by Savills
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Overview

  • Over-60s in the UK hold £2.89 trillion in net housing wealth, representing 56% of the total owner-occupier housing market.
  • Under-35s own only 6% of housing wealth, with £300 billion in outstanding mortgages, highlighting affordability challenges for younger generations.
  • The largest concentrations of over-60s' property wealth are in the South East (£603 billion) and London (£400 billion).
  • Experts emphasize the need for increased retirement housing and downsizing incentives to free up family homes and redistribute equity.
  • A significant intergenerational wealth transfer is anticipated in the coming decades, potentially reshaping housing opportunities for younger cohorts.