Baby Boomers Are Buying Property

‍The property market has a new dominant force – and it's not who you'd expect.

While everyone's been focused on millennials struggling to get on the property ladder, Baby Boomers quietly became 2024's biggest property buyers, overtaking millennials who had dominated the market for the past decade. In the UK, over half of recent property buyers are aged 55 or older, representing a seismic shift that's reshaping the entire market. You can explore this shift in more detail in our Downsizers Report.

But here's the kicker: everything you think you know about older property buyers is probably wrong.

It's Not Just About Downsizing

The biggest myth? That Baby Boomers are all downsizing. While 60% are moving to smaller properties, 40% are doing something completely different, such as buying holiday homes, investing in buy-to-lets, purchasing properties for their children, or relocating abroad for retirement.

Even among those who are downsizing, it is not about money. Only 17% cite financial reasons, dropping to just 10% among the oldest buyers. Instead, they are "right-sizing," optimizing their living situation for this new chapter of life.

"I've got a conservatory which I use, and the bathroom and kitchen, that's it. The rest of the house is closed off," explains Tim, 65, from Shropshire. "There are two bedrooms I can't remember going in for years."

What is interesting is that most downsizers still keep at least two spare bedrooms, creating what one buyer called a "home from home" for visiting family. This is not about cutting back, it is about creating the perfect base for their next adventure.

Cash is King (But It's Complicated)

Baby Boomers wield serious financial power. A staggering 57% make cash purchases, rising to 70% among the oldest buyers. They're competing with younger buyers who simply can't match this purchasing power.

"I've never had a mortgage in my life," says Robert, 60, from Northern Ireland. "It is such a drain on your finances. That actually answers half the question of how we can afford to pay cash now."

But there's a paradox here: many are "house rich, cash poor" with their wealth tied up in property. This creates unique challenges and opportunities in how they approach their next purchase.

They're More Social Than You Think

Perhaps the biggest surprise? Baby Boomers have embraced social media with enthusiasm. Three-quarters use Facebook, nearly 60% are on YouTube, and a third use Instagram. Most surprising of all: nearly one in five Baby Boomers are on TikTok.

"TikTok I'll go on purely for entertainment and tips," admits Geoff, 67, from Lancashire. "Some of the things on there make me roar with laughter."

They're not just passive users either. 43% use social media several times a day, and they're active across platforms from LinkedIn to Nextdoor, staying connected with family, following news, and getting DIY tips.

But here's the disconnect: despite being digitally active, 50% won't use social media to research their next property purchase. They compartmentalise their digital behaviour, keeping social engagement separate from major financial decisions. This represents a massive untapped opportunity for property marketers.

Independence Above Everything

Baby Boomers are moving away from traditional retirement living models, with 62% dismissing the "community culture" approach and 40% fearing it threatens their independence.

Their resistance runs deep. Many explicitly reject being "around old people" or feeling like they're "waiting to die." 

"It feels a bit like a glorified Butlins... I wouldn't want to be with people all of my own age all of the time because you're literally all waiting to die." says Maria, 60, Cambridge

This represents a generational shift. What worked for the Silent Generation simply won't work for Baby Boomers, who demand different standards and expect to maintain complete autonomy.

Two Distinct Tribes Emerge

Not all Baby Boomers are the same. The research reveals two distinct cohorts:

Late Boomers (60-69) are more digitally engaged, financially flexible, and surprisingly open to future community living. They're the bridge generation – comfortable online and willing to consider new models of later living.

Early Boomers (70-78) are more financially secure, fiercely independence-focused, and resistant to any institutional living arrangements. They have the cash but want complete control.

Understanding these differences is crucial for anyone targeting this market.

They're Not in a Rush

Unlike younger buyers driven by job moves or school deadlines, Baby Boomers operate on their own timeline. They value finding the right fit over quick transactions and prefer control and flexibility over speed.

"I'm not in a mad rush," explains Geoff. "I haven't got to worry about my career or work. It's literally about just finding the right house in the right location."

This patience gives them significant negotiating power and means they respond poorly to pressure tactics or time-limited offers.

The Future is Now

Right now, Baby Boomers are buying property with increasing social media adoption creating significant opportunities. But the real opportunity is just beginning. In 2025, the oldest Generation X buyers are turning 60. Unlike Baby Boomers who came to digital later, Gen X has been online from the start. They're digitally literate, socially connected, and represent the future of the over-60s property market.

For property professionals, the message is clear: it's time to understand what the over-60s really want, what they're looking for, and where to find them online. Because ready or not, they're reshaping the entire property market –and they're just getting started.

‍

This analysis is based on research by theEword surveying 1,000 UK residents aged 60-78 planning to purchase property within the next 12-18 months, conducted in June 2025.