Baby boomer property wealth hits record high

Owner-occupiers aged 60 and above now hold a record £2.89 trillion in net housing wealth, representing 56% of all owner-occupier housing wealth in the UK. This group has benefited from above-average growth in mortgage-free homeowners over the past decade. However, they still have £60 billion in outstanding mortgage debt, which is just 2% of their homes’ total value. In contrast, under-35s hold only 6% of housing wealth, with £300 billion in mortgage debt.

Regionally, the South East leads in housing wealth among over-60s, with £603 billion, followed by London and Wales. Despite holding substantial wealth, older homeowners are less likely to move, with only 18.5% of homebuyers last year being over 60. Savills suggests that more retirement housing and incentives for downsizing could unlock family homes and equity for younger generations.