Millennials set to inherit huge property wealth - but only when they're 61
Helen Cahill City A.M. Email: firstname.lastname@example.org
The government has introduced stamp duty reforms to help first time buyers (Source: Getty)
Millennials are in line to make huge property gains from their parents - but not until they themselves reach retirement age.
The total value of inheritances will double in the next 20 years, according to a report from the Resolution Foundation. Inheritances will peak in 2035, and it is the millennial generation that is set to benefit as the baby boomers move into old age.
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And, with 75 per cent of the baby boomer generation owning a home, millennials are clearly in line to get a share of their parental home.
However, the report highlighted that millennials are only likely to benefit from their parent's property assets when they are 61.
"Because of the challenges of releasing wealth from properties that are being lived in, itís reasonable to expect that these assets will mainly be passed down in inheritances rather than gifts," the report says.
"This means that wealth boosts will come not at the expensive child-rearing stage when a larger home is more necessary, but when they are approaching retirement."
And, the think tank argued that many millennials who don't own a home are unlikely to receive one from their parents. Nearly half of millennials without a home have parents who also do not own property.
"Growing absolute wealth gaps will make it harder still for individuals to earn their way towards being wealthy, as opposed to getting there on the basis of what their parents had," the think tank said.