esearch released by Resolution Foundation reveals that one in 10 people in the UK now own a second property. Of which, more than 50% are from the baby boomer generation born between 1946 and 1965. With a further 25% coming from generation X, born between 1966 and 1980.
Multiple home owning is also concentrated in the South of the country, with 59% of private landlords coming from four regions; namely the South West, South East, East of England and London.
The Think Tank’s findings also show that the accumulation of housing assets for the UK’s younger generation is becoming harder. Comparatively speaking, by the time the baby boomers reached 30, nearly two thirds of them owned their own homes, compared to 43% of millennials at that age.
Multiple property ownership in the UK has proven to be a highly successful strategy for wealth accumulation both in terms of planning for retirement as well as providing an immediate source of rental income.
Laura Gardiner, the Resolution Foundation, said: “…holding assets in more than one property has grown in recent decades, and can be a huge boon to both wealth and incomes. The second home owners are mainly adults in prime age or early retirement, are rich and wealthy even among their peers, and are most likely to be living in the south of England. Of course there are individual exceptions, but stepping back to the big picture: if you were painting an image of society’s affluent, this would be it.”
Source: The Resolution Foundation