One in seven people aged 70 own a second property, making the “Platinum Jubilee generation” the richest generation in history.
Those born in 1952, the year of the Queen’s accession to the throne, have been richer on average at every point of their adult lives than the general population, researchers at the Institute for Fiscal Studies said.
Some 85% of people born in 1952 are homeowners, meaning that many have benefited from the house price boom that occurred during their working lives.
In 2018-19, an estimated 772,000 households reported having second homes, about 500,000 of which were in the UK. The total number of second homes is higher because some households have more than one.
Just over 200,000 second homes are owned by people aged 65 or over.
