Baby boomer landlords are richest generation yet
The baby boomer generation - those born between the early 1940s and the early-to-mid 1960s - is the wealthiest ever, thanks to the boom in buy-to-let investment.
The richest property owners were born between 1946 and 1965, a study by the Resolution Foundation has found and hold 52 per cent of the nation’s wealth locked in the ownership of multiple properties.
This amounts to nearly £400 billion - or close to 10 per cent of the £5.2 trillion gross value of property in the UK.
The number of adults owning more than one property surged by 300 per cent from 1.6 million in 2002 to 5.2 million in 2014.
Report author Laura Gardiner said: “Holding assets in more than one property has grown in recent decades, and can be a huge boon to both wealth and incomes.
“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.
"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.”
The research also revealed the personal net wealth of multiple homeowners has grown in the past decade from £120,000 to £150,000 – an increase of 20 per cent.
Adults born between 1966 and 1980 have 25 per cent of the UK’s property wealth, while those born after 1981 only hold 3 per cent. They are also the first age group recorded who have less wealth than the preceding generations had at the same age.
The study also highlighted that 80 per cent of landlords are in the richest 50 per cent of the UK’s top earners, and that 59 per cent of these landlords live in London or the south of England.