Wembley’s ‘Generation Stuck’ and Their £4,898m Tied-up Equity

The predicament of the Wembley 20 to 30 year olds who rent and their inability to get onto the housing ladder is often discussed in the press.

Wembley’s ‘Generation Stuck’ and Their £4,898m Tied-up Equity
There are 4.43m properties in the UK that are still in the private rented sector (compared to 2.13m in 2002).
 
This group of people in their 20s and 30’s, who rent from a private landlord, are often called ‘Generation Rent’.
 
Yet would it surprise you that since 2017, the number of UK households in the private rented sector has reduced by 260,000 whilst the number of homeowners has increased by 1.1m?
 
In this article I want to talk about another set of people, not
‘Generation Rent’, but ‘Generation Stuck’.
 
Generation Stuck are our middle-aged and mature homeowners of Wembley. They are the generation that could be described as late ‘Baby Boomers’ (born in late 1950s and early 1960s) and the early ‘Gen X’ (born in the mid 1960s to early 1970s).
 
These 50 to 64 year old people feel stuck in their Wembley homes, and therefore I have nicknamed them ‘Generation Stuck’. Their inability to move could be holding back those younger Wembley ‘Generation Renters’.
 
So, let me look at the numbers involved.
 
In Wembley, there are 5,671 households, whose owners are aged between 50 and 64 years old and about to pay their mortgage off on property that is worth £2,699.57m.
 
There are an additional 4,619 mortgage free Wembley households, owned by 50 to 64 year olds, worth £2,198.79m, meaning ...
 
Wembley ‘Baby Boomers’ and Wembley ‘Gen X ‘are sitting
on £4,898.4m worth of Wembley property.
 
According to the Census, 47.8% of homes occupied by 50 to 64 year olds have two or more spare bedrooms.
 
This is backed up by the annual English Housing Survey that states nationally, 49% of properties occupied by these ‘Generation Stuck’ are ‘under-occupied’.
 
Under-occupied is categorised as having at least two spare bedrooms.
 
Looking at the statistics closer to home
 
21% of Brent 50 to 64 year olds have two or more spare bedrooms, making it the 342nd highest local authority in the country
(out of 348 local authorities).
 
The rising number of older Wembley homeowners who want to downsize their Wembley home are often held back by the lack of suitable housing options for older people and the difficulties of moving.
 
Lots of over 50 year old Wembley people cannot move home in the way that they would like, due to a lack of suitable housing options and so can find themselves ‘stuck’ in homes which are no longer suitable for them as they age.
 
Only 1 in 29 people over the age of 50 move home each year, compared to 1 in 15 for the rest of the population.
 
Helping mature Wembley homeowners (Generation Stuck) to downsize their homes at the right time will also allow younger Wembley people (Generation Rent) to find the Wembley family homes they need – meaning every generation wins, both young and old.
 
However, to ensure downsizing works, we need more choices for these “last-time-buyers”.
 
That means building more bungalows or more ground floor apartments suitable for the middle to older generation.
 
One way this could be done is by changing the planning rules to force builders to build these types of properties, whilst the other could be the changing of the stamp duty tax breaks for downsizers.
 
In this way, older Wembley people will be more able to move into homes which suit their specific needs, improve their quality of life whilst meeting their goals in life, all without them becoming detached from their friends and family locally in the Wembley area.
 
These are my thoughts, please let me know yours.
 

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

2 bedroom apartment boasting a private roof terrace with stunning panoramic views on Popes

Guide Price

£590,000

2 Beds2 Baths1 Reception
Abelard Place Popes Lane South Ealing London W5 4BZ

Striking and Contemporary 2 Bedroom Apartment on Popes Lane in South Ealing

Built in 2015 in a striking small luxury mixed development of 3 houses and 2 apartments

Private roof terrace with motorised roof access providing 360 degree views of West London

A superb rental investment or a fantastic first time buyers option. This property can be both!

Guide Price

£350,000

3 Beds1 Bath1 Reception
Poplar Grove Wembley Middlesex HA9 9DB

Top Floor Flat

3 Double Bedrooms

Spacious Reception Room

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

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

Should You Move or Improve? Which Option Offers the Best Value in Wembley?

With rising labour and materials costs, is it now more cost-effective to move rather than renovate?

Latest News on the Renters’ Rights Bill

The Renters’ Rights Bill has just passed its latest stage in the House of Commons. Here, we’ll look at what happened and at what it could mean for landlords, tenants and anyone considering selling their rental property investments.

Three Ways Trump Could Influence the Wembley Property Market

Next Monday (January 20th), Donald Trump will be inaugurated as President of the United States of America for the second time. And whether you love or loathe him, there's no escaping from the fact that he's one of the world's most powerful person (again).