One in six baby boomers has second home, Resolution Foundation report finds

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One in six baby boomers now has a second home, analysis by the Resolution Foundation has found. More than 1.2 million people born in the 1950s reported owning an additional property – including buy-to-let and overseas – between 2014 and 2016.

The number of British adults who own a second property has grown by 53 per cent since 2001, sitting at 5.5 million people and a total value of £941 billion.

The figures come despite the overall decline of home ownership across the UK, which peaked in 2003 at 58 per cent of families but then continued falling until 2016.

The rise in multiple property ownership is down to a “rapid growth” in the number of people buying houses in Britain to rent out, the report said, with almost two million people – the majority being older, higher income and southern – owning buy-to-lets.

The second home boom has also benefited millennials, with seven per cent of those born in the 1960s and 1980s having additional property wealth by the age of 29,  the Foundation’s Game of Homes report found.

The “surprisingly rapid rise” of multiple property ownership among the young generation could mean that those currently in their 30s may be on the way to similar rates of additional property ownership as today’s middle-aged cohorts.

“If we were to redraw the chart of additional property ownership by age in thirty years’ time, there is a chance it might not look particularly different from today,” the report said.



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