Property Wealth Puts Landlords Among Britain's Richest
According to a report, property investors are among the country's wealthiest individuals – and those born before 1966 are the best off of them all.
Although only one in 10 of the population is multiple homeowners, 52% are aged 50 or over.
And the number of property investors surged from 1.6 million in 2002 to 5.2 million in 2014.
This age group also holds 15% (£760 billion) of the nation's £5.2 trillion of wealth locked up in residential bricks and mortar.
The staggering figures come from research by the Resolution Foundation, an economic think-tank.
The report explains that the over 50s are wealthier than their parents and grandparents at the same stage of their lives. Their average personal net worth has increased by a fifth since 2002, from £125,000 to £150,000.
Surprisingly, although so few own so much wealth, 40% of the population do not own any property – a figure that has increased by 5% since 2002.
"This is while the recent challenging environment for private pensions and the change to the state pension age makes it more important for people to consider property wealth as a way to support their retirement," the report remarks.
The research also found that 88% of multiple property owners are landlords in the top half of the nation's income distribution – with 59% living in London and Southern England.
"The inescapable conclusion is that those in prime age and early retirement today have so far been the big winners from the rise in second home-owning," said a spokesman. "The clear message is that both across society as a whole and among their peers, those drawing on wealth or income from additional properties are disproportionately rich and wealthy."
Find out more about the report Homes sweet homes – the rise of multiple property ownership in Britain.
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