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Sharp increase in number of people with second homes, buy to let and overseas properties

Depositphotos 40945137 m-2015 (1)

New data suggests that more than one in 10 people in Britain own a second property, worth a combined £941 billion. These second properties consist of second homes, buy to let and overseas properties.

The study – carried out by the Resolution Foundation and funded by the Nuffield Foundation – said latest data – for 2014-16 – shows 5.5 million people reported additional property wealth. This is an increase of 53% since 2001.

Figures from the research highlight that:

  • the value of additional property wealth has increased from around £610 billion in 2001 to £941 billion for 2014-2016;
  • 9 million people are buy to let investors, compared to 970,000 people owning overseas property - a sector which has not grown since 2008;
  • the most prolific age group are those born in the 1950’s where around one in six people have additional property wealth;
  • the buy to let sector has grown by 58% since 2006-2008 and is now the most common form of property wealth. 

Commenting on the data, a spokesperson said: “Multiple property wealth has grown rapidly over the last two decades.

“While young people in particular are less likely to own their own home than previous generations, those that do own are more likely to have more than one property. 

“The sheer scale of additional property wealth is an important driver of rising wealth gaps across Britain. 

“As the huge stock of second homes, buy-to-let and overseas properties starts to be passed on to younger generations, Britain risks becoming a country where getting ahead in life depends as much on what you inherit, as what you earn.”