Harrogate’s ‘Millennials’ set to inherit £626,468 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 10,662 households in Harrogate owned by Harrogate Baby Boomers (born 1946 to 1964) and Harrogate’s Silent Generation (born 1945 and before). It also shows there are 15,606 Generation X’s of Harrogate (Harrogate people born between 1965 to 1976). Looking at demographics, homeownership statistics and current life expectancy, around two-thirds of those Harrogate 15,606 Generation X’s have parents and grandparents who own those 10,662 Harrogate properties.

… and they will profit from one of the biggest inheritance explosions of any post-war generation to the tune of £3.887bn of Harrogate property or £373,402 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 9,889 Millennials in Harrogate and my research shows around two thirds of them are set to inherit the 11,335 Harrogate Generation X’s properties. Those Generation X’s Harrogate homes are worth £4.132bn meaning, on average, each Millennial will inherit £626,468; but not until at least 2040 to 2060!

Inheritance windfall for Harrogate youngsters?

While the Harrogate 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 Harrogate 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 Harrogate 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 Harrogate 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 Harrogate 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 Harrogate grandparents doing something meaningful, and helping their grandchildren, the Millennials, with the deposit for their first house.

One solution to the housing crisis in Harrogate (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?


  • Definition of Age Bands – Various Academic Institutions around the World define these bands
  • Census was used for the Age bands
  • Academics say between 60% and 70% of people will inherit property from their parents – so taken a midway point.
  • Average value of property taken from ZPG for your location – the total value and average inheritance per person calculated from those figures

Posted in Harrogates Millennials set to inherit £626468 each in property.