Over a third set to inherit property
Over a third of people (36%) across the UK will be inheriting a property, research by bridging lender MFS has revealed.
The expected market value of the property they are due to inherit all or part of is £347,500, and a majority (67%) will choose not to live in the property they are inheriting.
Over half (55%) will sell the property so they can re-invest the money in a different asset of their choosing, whilst 32% will be refurbishing their inherited property so that it is in better condition to sell or rent.
Paresh Raja, chief executive of MFS, said: “We are about to witness a momentous transition of property wealth from the older generations to millennials and Generation X.”
Once a property is inherited, one in four (25%) will need to seek advice for further support.
Raja added: “A range of options exist for those inheriting real estate, and it is clear that greater awareness and education is needed so that people are able to make informed investment decisions.”