MORE than one in ten people in Britain own second homes, buy-to-let and overseas properties, a study suggests.
The buildings’ combined worth is £941billion. Latest data, for 2014 to 2016, shows 5.5million people reported additional property wealth — up 53 per cent since 2001.
A study by the Resolution Foundation has found that more than one in ten people in Britain own second homes[/caption]
It has been a “flipside” of falling home ownership over the past 20 years, research by the Resolution Foundation indicates.
It says additional property wealth is accumulated over time, and is most common among older generations.
Around one in six people born in the 1950s have it — the highest of any age group.
Buy-to-let wealth has grown by 58 per cent since 2006-08, the report, funded by the Nuffield Foundation, states.
Around 1.9million people have buy-to-let properties, compared to 970,000 with overseas homes.
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Policy analyst George Bangham said: “While young people in particular are less likely to own their own home, 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.”
The figures indicate a ‘flipside’ of falling home ownership over the past 20 years[/caption]
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