Why Over 60s Own 55% of the UK’s Property

While it can certainly be more difficult to take out a mortgage the older you get, at this point in time, it’s absolutely possible to take out a mortgage well into your 60s and beyond, with some lenders. Retirement interest-only mortgages have also allowed this generation to tap into this wealth, with many choosing to purchase second homes or investment property with their gains. However, perhaps that’s not the demographic lenders should be focussing on.

With shocking new statistics revealed by multiple sources, as of 2026, the over 60s now own over 55% of all residential property in the UK. This equates to £3.84 trillion worth of housing stock. But why is this, and what can the younger generations do to catch up?

Generation rent

While The Greatest Generation, Boomers and younger Genxers lived at a time where it was possible to buy a house within a few years of joining the workforce, Younger Genexer, Millennials and Gen Z have been faced with an uphill battle of high rental costs, stagnant wages and the inability to save a deposit. In fact, the under 35 demographic make up just 6% of the UK’s property owners.

While mortgage lenders recognised this and introduced a wide range of products intended to help today’s first-time buyers get onto the housing ladder, many remain unable to do so without help from wealthier older relatives.

Investment property

The increase in buy-to-let investment, especially for retirement planning purposes, is another hurdle for the younger generation to overcome.

With many affordable family homes bought by landlords, ironically to house those who are now unable to afford to buy those very same houses with a mortgage, there are fewer options within reach of those in their 20s, 30s and even 40s looking for their first home.

Stagnation of the family home market

Another recently apparent issue for those looking to buy a property suited to a young family is the stagnant property market specific to this housing type. With many boomers holding on to larger family homes when their kids fly the nest, rather than downsizing, which was previously very common, fewer affordable 2 and 3 bedroom homes go to market.

In fact, in the past 2 years, only 1 in 57 boomers, who hold 44% of all UK property ownership, have moved house. This is largely due to a lack of incentive to move, whether it’s the eye wateringly high stamp duty payable reducing or cancelling out downsizing gains, or simply the lack of quality retirement property.

What can younger prospective buyers do?

While many younger people may be waiting to inherit their forever home from parents or grandparents who bought at a time where homes didn’t cost 9 times the average salary, inheritance tax is putting many people off directly handing over property to their offspring as part of their estate.

However, a surge in equity release products, such as lifetime mortgages in recent years suggests that older generations may be stripping wealth from their homes during their lifetime to avoid them paying substantial inheritance tax on receipt of the property.

There are many ways for relatives to help younger generations onto the property ladder, whether it’s through a mortgage lender scheme such as family assist mortgages, or simply by gifting them a deposit.

Another option for those who can afford to buy a second home, is to offer younger relatives a concessional sale of their family home. This is where a discount on the market value of the property is gifted, in lieu of a deposit. This can allow children to buy homes from their parents or grandparents that they wouldn’t otherwise be able to afford.

The youth of today

While many millennials still struggle to buy without the help of their boomer parents, it begs the question of how those with millennial or gen z parents will manage to afford a home when their parents won’t have the same level of housing stock to pass on.

Luckily, there has been a resurgence in 100% mortgages in the past couple of years, some of which recognise that not every buyer has wealthy, or even middle-class parents who are in a financial position to help them out. The Track Record product from Skipton, for example, recognises that those forking out a thousand plus in rent each month can probably also manage the same in mortgage payments.

As it stands, there are issues facing each generation, whether it’s a lack of next-step housing, or unaffordable property. But with lenders at least beginning to acknowledge the plight of the younger borrower, hopefully the tides will turn in the coming years.