Over-60s' £2.89 trillion properties

Older first-time buyers also searching for mortgage deals

- 

Over-60s are sitting on more than half (56%) of owner-occupier housing wealth across the UK, according to an estimate from a property firm.

Savills, which made the calculations, also estimated that over-75s account for nearly a quarter (23%) of property wealth, while under-35s hold 6%.

The firm estimated that owner-occupiers aged 60-plus hold £2.89 trillion of net wealth in homes.

However, the over-60s are not completely debt-free. Savills calculated that they have a total of £60 billion mortgage borrowing still outstanding - equating to 2% of the total value of their homes.

Older homeowners tend to make up relatively high concentrations of homeowners overall in the South West and Wales and relatively low ones in London, Savills said.