Wembley Pensioner Homeowners are Now Worth £3,006,806,300

How wealth is distributed will always be a contentious issue, especially as the Baby Boomers (those aged between their late 50’s and late 70’s) wealth has grown exponentially over the last 20 years, compared to the wealth of the younger generation.

Wembley Pensioner Homeowners are Now Worth £3,006,806,300
How wealth is distributed will always be a contentious issue, especially as the Baby Boomers (those aged between their late 50’s and late 70’s) wealth has grown exponentially over the last 20 years, compared to the wealth of the younger generation.
With most UK property in the hands of the older generation, with its total value about to smash through the £8 trillion barrier (up from £3 trillion at the start of the Millennium), is it right that so much wealth is concentrated in the hands of the older generations?
As national house prices have continued to grow unabated (for example in the last eight years by 49.9%, whilst real take home pay has only increased by 11.8%), this has meant younger people are finding it even harder to get onto the property ladder and those already on it to move up it.
 
Looking at the older end of the age range for home ownership…
 
of the 30,542 homes in Wembley (HA0 & HA9), 6,089 households are 65 years or older, and 76.4% of those households (4,650) are owned (mostly without
a mortgage)
 
A full split as follows …
 
·        Owned 76.4%
·        Council House 13.8%
·        Privately Rented 7.0%
·        Living Rent Free 1.9%
·        Shared Ownership 0.8%
 

 


I talk with many Wembley pensioners who want to move yet are unable to. There appears to be a shortage of suitable properties in Wembley for members of the older generation to downsize into. Due to their high demand and low supply, Wembley bungalows and suitable ground floor apartments achieve on average a 15% to 25% premium per square foot over two/three storey properties. Yet would it surprise you only 1% of new builds in the UK are single storey bungalows (compared to 7% 25 years ago)?
 
Wembley pensioner homeowners are now worth £3.007bn
 
YouGov did a survey a couple of years ago and they found that just over one third of homeowning pensioners in the UK were looking to downsize into a smaller property. As I have stated before, as a nation, we need to rethink how we can encourage older homeowners to sell their larger homes to release them to the younger families that desperately need them.
 
The Government over the last 11 years have appeared to target all their attention on first-time buyers with a strategy such as the Help to Buy Scheme. However, this doesn’t address the long-established under-supply of appropriate retirement housing vital to the needs of Wembley’s quickly ageing population. Unfortunately, Wembley’s housing stock is sadly ill-equipped for this demographic shift to the ageing homeowners.
 
Also, to add insult to injury, those more mature Wembley pensioners in their 80’s and 90’s who do live in the restricted number of Wembley bungalows and suitable ground floor apartments are finding it difficult to live on their own, as they are unable to leave their bungalow/apartment because of a shortage of sheltered housing and ‘inexpensive’ care home places.
 
This in turn means the younger 60 to 70 year old Wembley retirees (in their bigger two/three storey family houses) can't buy those Wembley bungalows (occupied by the older retirees), which means those Wembley families in their 30’s and 40’s can't buy those larger family houses (occupied by the younger 60 to 70 year old retirees) they need for their growing families ... it’s like everyone is waiting for everyone because of the logjam at the top of the property ladder.
 
So, what is the solution? Quite simple – build more homes!
 
In the last 30 years, the UK population has grown by around 12 million people, yet the number of properties has only grown by around 4.2 million
 
With obstructive planning regulations, immigration, people living longer and increased divorce rates (meaning one family becomes two) we have needed 275,000 properties to be built a year since the Millennium to just stand still and meet demand. Twenty years ago, the UK was building on average 185,000 households a year, that figure dropped in the five years after the Global Financial Crisis in 2008 to 140,000 households a year. Thankfully that has increased steadily over the last five years and last year we created 245,000 households in the UK, however, we still have all those years since the Millennium to make up for.
 
The answer is to build on more land for starter homes, bungalows and sheltered accommodation, because land prices are holding back the property market as the larger national building firms are more inclined to focus on traditional two and three storey houses and apartments than bungalows (because they make more money from them). You might say there is no land to build the property on, yet…
 
only 1.2% of the UK is built on with residential properties
 
So how could Wembley people make money on this news? Shrewd Wembley property investors should consider purchasing bungalows, especially ones that need some titivating (possibly after somebody has passed away). Bungalows purchased at the right price and location are a great gamble for flipping. They should also be considered for renting out as demand will only outstrip supply. This would be a start to the solution of rebalancing the Wembley property market, so everyone is happier with their lot.
 
If you would like a chat about the Wembley property market - don’t hesitate to give us a call.

Get in touch with us

First Name*
Last Name*
Your Email Address*
Mobile Phone*
Are you looking to*
Please enter message here*
Please confirm that it is okay for us to contact you about this information as well as products and services. (You will always be given the right to unsubscribe at any point in the future)*

Register for Property Alerts

Ever missed out on the perfect property just because you heard about it too late, or the Estate Agent never told you about it as it was slightly outside of your criteria? Never miss out again by using our “Heads Up Property Alerts”.

Latest Properties

Spacious 3 Bedroom House with extended family home and off-street parking in Monks Park, Wembley.

Guide Price

£590,000

3 Beds2 Baths2 Receptions
monks park, wembley

three bedroom semi detached house

extended family home

close to oakington manor primary school

Spacious 4-Bedroom Detached House with Garage, Sauna, and Ample Parking in Wembley

Guide Price

£1,300,000

4 Beds2 Baths3 Receptions
harrowdene road, wembley

large four bedroom house

off street parking for multiple cars

garage

Modern 3 Bedroom Terrace House in Sudbury Town Wembley - Move in Ready!

Guide Price

£600,000

3 Beds2 Baths2 Receptions
Central Road Wembley Middlesex HA0 2LJ

Beautifully Presented Modern 3 Bedroom Extended Terrace House Which is Move in Ready

Bright and Spacious Front Reception Room

Contemporary Open Plan Reception Kitchen Diner at the Rear With Access to the Rear Garden

Meet Abigail

  Hello, my name is Abigail, and I am the Grey in Grey & Co. I started working here in 2002 as a Junior Negotiator and have worked my way up the ranks since then. I took over running the company in 2014 and have been enjoying the roller coaster that is leadership ever since.   During my 20 plus years at Grey & Co I have dealt with the sale of over £100,000,000 worth of property and overseen the management of assets worth £250,000,000 for clients around the world.   I also had the pleasure of working with my father, the founder of Grey & Co, for 15 years before he sadly passed away and from him, I learnt the work hard ethic and our values today are still the ones that he founded the company on all those years ago.   Be Remarkable, Be Passionate, Be Humble and Be Better.   As a community centric boutique family agency, you couldn’t find a better partner to take with you on your property journey.

Meet All The Team

How to Save Money on Your Next Holiday

Make your holiday budget stretch further by following these tips for booking a glorious getaway.

How to Get Your Home Sold in the Next 3 Months

If you’re planning to sell your home and move this year, you need to understand the steps involved and how to maximise your chances of success. The property market rewards those who are prepared, so timing and strategy are key.

What Type of Upsizer Are You? Find Out Here

Are you thinking of upsizing in 2025? Knowing what type of upsizer you are is the first step to finding the perfect new home.