Local property market information for the serious investor

Cardiff’s ‘Millennials’ set to inherit £178,159 each in property!

That got your attention … didn’t it!

But before we start, what is Generation X, let alone Generation Z, Millennials, Baby Boomers  … these are phrases banded around about the different life stages (or subcomponents) of our society. But when terminologies like this are used as often and habitually as these phrases (i.e. Gen X this, Millennial that etc.), it appears particularly vital we have some practical idea of what these terms actually mean. The fact is that everyone uses these phrases, but often, like myself, they are not exactly sure where the lines are drawn …until now…

So, for clarity …

Generation Z:              Born after 1996

Millennials:                 Born 1977 to 1995

Generation X:              Born 1965 to 1976

Baby Boomers:            Born 1946 to 1964

Silent Generation:       Born 1945 and before

My research shows there are 34,513 households in Cardiff owned by Cardiff Baby Boomers (born 1946 to 1964) and Cardiff’s Silent Generation (born 1945 and before). It also shows there are 67,635 Generation X’s of Cardiff (Cardiff people born between 1965 to 1976). Looking at demographics, homeownership statistics and current life expectancy, around two-thirds of those Cardiff 67,635 Generation X’s have parents and grandparents who own those 34,513 Cardiff properties.

… and they will profit from one of the biggest inheritance explosions of any post-war generation to the tune of £8.366bn of Cardiff property or £185,452 each but they will have to wait until their early 60’s to get it!

The Millennials are also in line for a big inheritance windfall.

There are 81,364 Millennials in Cardiff and my research shows around two thirds of them are set to inherit the 39,886 Cardiff Generation X’s properties. Those Generation X’s Cardiff homes are worth £9.669bn meaning, on average, each Millennial will inherit £178,159; but not until at least 2040 to 2060!

While the Cardiff Millennials have done far less well in amassing their own savings and assets, they are more likely to take advantage of an inheritance boom in the years to come. This will probably be very welcome news for those Cardiff Millennials, including some from poorer upbringings who in the past would have been unlikely to receive gifts and legacies.

However, inheritance is not the magic weapon that will get the Millennials on to the Cardiff housing ladder or tackle growing wealth cracks in UK society, as the inheritance is unlikely to be made available when they are trying to buy their first home…but before all you Cardiff Millennials start running up debts, over 50% of females and around 35% of men are going to have to pay for nursing home care. Interestingly, I read recently that a quarter of people who have to pay for their care, run out of money.

So, if you are a Cardiff Millennial there potentially will be nothing left for you.

Of course, most parents want to give their children an inheritance, the consideration that what you have worked genuinely hard for over your working life won’t go to your children to help them through their lives is a really awful one … maybe that is why I am seeing a lot of Cardiff grandparents doing something meaningful, and helping their grandchildren, the Millennials, with the deposit for their first house.

One solution to the housing crisis in Cardiff (and the UK as a whole) is if grandparents, where they are able to, help financially with the deposit for a house. Buying is cheaper than renting – we have proved it many times in these articles … so, it’s not a case of not affording the mortgage, the issue is raising the 5% to 10% mortgage deposit for these Millennials.

Maybe families should be distributing a part of the family wealth now (in the form of helping with house deposits) as opposed to waiting to the end… it will make so much more of a difference to everyone in the long run.

Just a thought?

Kate Gwinnutt

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