Second home ownership has rocketed by 30% in just over a decade, with one in 10 adults now having another property in addition to their main home
Second home ownership has rocketed by 30% in just over a decade, with one in 10 adults now having another property in addition to their main home.
An extra 1.6 million people scooped up an extra base, taking the total to 5.2 million, according to the Resolution Foundation think tank.
The finding highlights a deepening divide in property ownership; figures last year from housing charity Shelter estimated 254,000 people were living in temporary accommodation, with the housing crisis set to mount as population growth outpaces housebuilding.
Resolution Foundation senior policy analyst Laura Gardiner said: “With young people much less likely to own a home at all than their predecessors at the same age, the growing concentration of property wealth among fewer families raises concerns not just for their living standards but for wealth inequality of our country as a whole.
“Recent steps to increase stamp duty on second homes and reduce tax relief on buy-to-let mortgage are attempts to address this challenge, but policy makers should consider what more can be done to ensure that home ownership doesn’t become the preserve of the wealthy for generations to come.”
The report highlighted a generational split, with baby boomers aged 52 to 71 the most likely to be multiple home owners, accounting for more than half (52%) of all the wealth held in additional properties.
Generation X, made up of 37 to 51-year-olds, accounts for a further quarter (25%) of additional property wealth.
But “millennials” – those born since 1981 – own just 3% of the additional property assets, the research found.
Ms Gardiner said: “Multiple property ownership is still a minority sport, but a growing one that represents a significant boost to the wealth pots of those lucky enough to own second homes.
“People with second homes not only have an investment that they can turn to in times of need, for instance in later life when care is required, but if the property is rented out they also see a boost to their incomes here and now.”
The findings were drawn from a range of figures, including Office for National Statistics data.