For homeowners over the age of 55, a £24k property dividend is available.
According to data, older homeowners have reaped a £24,000 windfall from the housing market boom in the last six months.
That’s 40% more what the average first-time buyer earns, which is £17,000.
The average property owned by over-55s is now worth £398,000, which is the equivalent of a cash gain based on a 6.3 percent price increase.
However, climbing on the ladder remains a difficulty for newcomers. Without the aid of elder family members, over three-quarters of younger people (68 percent) would not have been able to purchase a home.
Their average salary is £34,000, and they’re looking at homes with an average asking price of £225,000, yet a three-bedroom semi-detached house costs seven times their normal earnings.
They also have roughly £26,000 in savings pots for deposits. According to The Resolution Foundation’s Intergenerational Audit, in 2020, 10% of 18-29 year olds will own their home, compared to 25% in 1979.
The data, gathered from roughly 2,500 homeowners aged 55 and younger, underscores the difficulties that the government has as it attempts to boost the number of property owners.