Over-60s Housing Wealth Surges to Record £2.89 Trillion

Recent research from property firm Savills reveals that UK homeowners aged 60 and above now control a record £2.89 trillion in net housing wealth, accounting for 56% of all owner-occupier housing wealth, with those over 75 holding nearly a quarter. This wealth concentration is largely due to a significant rise in mortgage-free older homeowners over the past decade, while under-35s hold just 6% of such wealth and carry much higher relative mortgage debt. Despite their property assets, over-60s still owe £60 billion in mortgages, a small fraction compared to the total value of their homes. There is little incentive for older homeowners to downsize, even though many live in homes larger than they need, and boomers, who make up 44% of homeowners, represented only 18.5% of homebuyers last year. Regional disparities are notable, with the highest concentrations of older homeowners found in the South West and Wales, though the South East holds the greatest value of older owners' housing wealth. Experts suggest that more retirement housing and incentives for downsizing could help unlock family homes for younger generations and address the ongoing intergenerational housing wealth gap.