Bolton millennials are set to inherit more than £5bn in property assets from baby boomers, according to research discovered by an estate agent.

Matthew Fish, from Harrisons Estate Agents in Bolton, says the money could help the younger generation buy a house and pay off their debts.

Using data from the Census, Matthew’s research shows that there are 24,571 households in Bolton owned by older generation, the baby boomers, and they are worth a combined value of £5.14bn.

There are 26,933 millennials in Bolton who will inherit this money.

Matthew said: “While the Bolton millennials are less likely to own their own home compared to Generation X and so have done not as well in amassing their assets and savings, they are more likely to benefit from an inheritance boom in the years to come.

“This is likely to be very comforting information for those Bolton millennials, including some from humbler upbringings who historically would have been unlikely to receive an inheritance.”

But inheritance is not the silver bullet that will get the millennials onto the Bolton housing ladder, especially as the cost of living has increased yet again.

Matthew’s solution to getting more millennials on the property ladder is if their families help them while they are alive, by helping them with the deposit money.

He said: “It’s not a case of not being able to afford the mortgage, the problem is raising the mortgage deposit of five per cent to 10 per cent for these Bolton millennials.

“Maybe families should be discussing the distribution of family wealth while everyone is alive, in the form of helping the family with house deposits, as opposed to waiting until the end, as it will make a massive difference to everyone in the short and long run.

“And your legacy will have a more significant impact, and you will be here to see it with your own eyes.”

Buying a house in Bolton has been proved by various estate agents including Harrisons, to be cheaper than renting a home, but the problem of saving up for the deposit has never been harder in the age of rising inflation and interest rates. 

For more advice, visit the Harrisons Estate Agents website.