“The number of Britons with second homes has soared to 5.5million – with their extra properties worth £1trillion.
One in ten own holiday houses, buy-to-lets and overseas properties, according to the Resolution Foundation think-tank.
But the boom comes at the expense of young people, who struggle to get on the property ladder because of rising prices.
Just one in three own a home by the age of 29 – far fewer than the half of baby boomers who had one at the same age.
The Resolution Foundation said property wealth was becoming concentrated among older, richer Britons, with those born in the Fifties more likely to own a second home than any other age group.
It added that younger adults are left boosting the wealth of their parents’ generation by paying significant rental costs.
Spokesman George Bangham said: ‘The rise of additional property wealth is the flipside of falling home ownership. The scale of additional property wealth is an important driver of rising wealth gaps.
‘And 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 Resolution Foundation’s Game Of Homes report showed that the 5.5million people with additional property wealth had gone up by 53 per cent since 2001, and the value of their second homes increased from £610billion in 2001 to £941billion.
There are 1.9million owners of buy-to-let properties, 700,000 more than a decade ago, making it the most common form of second property. However, the number of people who own overseas property did not change at 970,000.
Since 2002, average house prices have soared from five times income to eight times income, but many believe this is the result of housing supply, not demand from those seeking a second home. …”