Over 60s Control Over Half Of UK Housing Wealth

The latest data crunching exercise by Savills has revealed the over-60s now control more than half (56%) of all housing wealth across the UK.

The firm said the total amount of net housing wealth held by those above 60 has reached a record £2.89 trillion, in homes worth a total of £2.95 trillion.

Those over 75s control almost a quarter (23%) of housing wealth, while under 35s hold just 6%.

The UK’s largest tenure by value is those who own their homes outright.

“These owners have increased their share of property value in the last decade due to above-average growth in the number of older homeowners joining the ranks of the mortgage-free,” said the firm.

The over-60s still have a total of £60bn mortgage borrowing outstanding, but that works out at just 2% of the total value of their homes.

Compare that to the under-35s, who hold property with a total value of £600bn, but have a total of £300bn mortgage borrowing still outstanding.

There’s few surprises at a regional level: the researchers found baby boomers make up the highest proportion of homeowners in the South West and Wales (49%), but the lowest in London (38%).

However, owner-occupier wealth is highest by value in the South East. Over 60s in this part of the world hold £603bn of housing wealth (21% of net housing wealth held by this age group). That’s £203bn more than in London and £171bn more than across Wales and the South West combined.