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Britain's property wealth age gap revealed! Over 60s hold NINE times more than under 35s Housing wealth held by those aged over 60 has hit a record high By ED MAGNUS Updated: 00:01, 28 April 2025 e-mail View comments Britain's over 60s hold over nine times more of the housing wealth than those aged under 35, new data has revealed. Owner-occupiers aged 60-plus now hold a record estimated £2.89 trillion of all owner-occupier housing wealth across the country, according to Savills.
That equates to 56 per cent of all housing wealth, with those aged over 75 controlling almost a quarter. That compares to people aged under 35, who between them, hold just 6 per cent of owner-occupied housing wealth in Britain. Much of the disparity in housing wealth is to do with the fact that over 60s have had amuch longer financial lifetime and so are more likely to own a home than under 35s.
They have also benefited from vast house price gains during their lifetimes, Nationwide's index shows house prices have grown 2,600 per cent over the past 40 years. Those over 60 are also largely mortgage-free with the majority having paid off their home loans. Your browser does not support iframes.
Those who are under 35, who do own a home are earlier on in their homeownership journey and therefore more likely to be owning with a mortgage that represents a large portion of their property's value. The over 60s are not completely debt-free, according to Savills. They have a total of £60 billion mortgage borrowing still outstanding, but this is just 2 per cent of the total value of their homes.
In stark contrast, the under 35s hold property with a total value of £600 billion, but have a total of £300 billion mortgage borrowing still outstanding. Albeit, this means the cohort who do own a home by their mid-30s have a surprising 50 per cent of equity. 'Over the past 10 years, debt has become a less important component of the growth in the value of the nation’s housing stock, with increasingly more equity concentrated among older homeowners and investors,' said Lucian Cook, head of residential research at Savills.
'The baby boomers have continued to build wealth, having paid off their mortgage debt, and Generation X has been working hard to achieve the same goal. 'Meanwhile, Generations Y and Z have had much less opportunity to work their way up the housing ladder profitably.' RELATED ARTICLES Previous 1 Next New lender launches mortgages at seven times income - is it.
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Share this article Share HOW THIS IS MONEY CAN HELP Looking for a new mortgage? Check out the best rates here Older homeowners aren't keen to move One issue that is blocking the transfer of housing wealth from filtering down to younger generations is the reluctance of older homeowners to downsize. Boomers make up 44 per cent of homeowners, according to Savills, however, they only made up 18.5 per cent of homebuyers last year.
This means that just one in 57 of them moved house. 'Despite many older homeowners holding on to properties that are now too big for their needs, there is little incentive for them to move during their lifetime,' added Cook. 'The provision of more retirement housing, along with other incentives to make downsizing more appealing are also fundamentally important.
'Such measures would help unlock much-needed family housing and equity that can be used to help younger generations get on and trade up the housing ladder.' Your browser does not support iframes. Read More How much will your mortgage cost over a lifetime? Work it out with our calculator How the wealth divide changes across the country On a regional basis, baby boomers make up the highest proportion of homeowners in the South West and Wales, according to Savills.
Almost half of homeowners in those two regions are baby boomers - both popular with downsizers and retirees for a host of lifestyle reasons. Comparatively, over 60s make up the lowest proportion of homeowners in London at 38 per cent. However, owner-occupier wealth is highest by value in the South East.
Here, over 60s hold £603 billion of housing wealth, which equates to 21 per cent of net housing wealth held by this age group. This is £203 billion more than in London and £171 billion more than across Wales and the South West combined. Best mortgage rates and how to find them Mortgage rates have risen substantially over recent years, meaning that those remortgaging or buying a home face higher costs.
That makes it even more important to search out the best possible rate for you and get good mortgage advice. Quick mortgage finder links with This is Money's partner L&C > Mortgage rates calculator > Find the right mortgage for you To help our readers find the best mortgage, This is Money has partnered with the UK's leading fee-free broker L&C. This is Money and L&C's mortgage calculator can let you compare deals to see which ones suit your home's value and level of deposit.
You can compare fixed rate lengths, from two-year fixes, to five-year fixes and ten-year fixes. If you’re ready to find your next mortgage, why not use This is Money and L&C’s online Mortgage Finder. It will search 1,000’s of deals from more than 90 different lenders to discover the best deal for you.
> Find your best mortgage deal with This is Money and L&C Mortgage service provided by London & Country Mortgages (L&C), which is authorised and regulated by the Financial Conduct Authority (registered number: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage.
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