Over-60s hold more than half of UK's housing wealth

Older homeowners in the UK, aged 60 and above, hold more than half of the nation’s owner-occupied housing wealth, totalling an estimated 2.89 trillion.

- VICKY SHAW

Based on estimates from property firm Savills, this generation’s significant share, representing 56 per cent of total housing wealth, contrasts sharply with younger homeowners. Those under 35, for example, hold just 6 per cent of the housing wealth pie.

The concentration of property wealth among older generations is further highlighted by the fact that over-75s account for nearly a quarter (23 per cent) of the total.

While the over-60s demographic holds substantial wealth, they are not entirely mortgage-free. Savills estimates that they still have around £60bn in outstanding mortgage borrowing, equivalent to 2 per cent of their total home value.