Stamford’s ‘Millennials’ set to inherit £585,821 each in property!

That got your attention, didn’t it? 

But before we start, who are the ‘Millennials, the Generation X’s and the Baby Boomers’? Well, they are terms used to describe the different life stages (or subcomponents) of our society.  But when these terms are used so often, it appears particularly vital we have some practical idea of what they actually mean.

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 2,917 households in Stamford owned by ‘Baby Boomers’ (born 1946 to 1964) and Stamford’s Silent Generation (born 1945 and before). It also shows there are 4,098 Stamford Generation X’s (born between 1965 to 1976).

Using these demographics, along with homeownership statistics and current life expectancy, around two-thirds of those Stamford 4,098 Generation X’s have parents and grandparents who own those 2,917 Stamford properties, and they will profit from one of the biggest inheritance explosions of any post-war generation to the tune of £975m of Stamford property or £356,754 each - but they will have to wait until their early 60’s to get it!

However, it’s the Millennials that are in line for an even bigger inheritance windfall. There are 2,588 Millennials in Stamford and my research shows around two thirds of them are set to inherit the 3,025 Stamford Generation X’s properties. Those Generation X’s Stamford homes are worth £1.011bn meaning, on average, each Millennial will inherit £585,821; but not until at least 2040 to 2060.





Whilst the 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 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 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.

So, before all you Millennials start running up debts, consider this fact…over 50% of females and around 35% of men are going to have to pay for nursing home care. Sadly, I read recently that 25% of people who have to pay for their care, run out of money. So, if you are a Millennial, potentially there will be nothing left for you.

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

One solution to the housing crisis 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.

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!