The housing market is revealing a new type of home buyer. While first time buyers are still a rarity, though demand from them has picked up recently, there is an increase in home buyers looking for a second property. Whether it is an investment, a buy to let, or a holiday second home, it has become more of a norm and less of something only reserved for the extra wealthy or high end property investors.

According to information from Resolution Foundation, one in ten people now own an additional property beyond their primary home residence. Property purchased for the intent to make income through buy to let is now the most common form of property wealth and has grown by 58% since 2006-2008.

The study by Resolution Foundation was conducted with the intent to find information that could motivate policy makers to reform the housing market to rebalance it toward being more favorable to first time buyers.

George Bangham, policy analyst at the Resolution Foundation, remarked, “The sheer scale of additional property wealth is an important driver of rising wealth gaps across Britain.

“While young people in particular are less likely to own their own home than previous generations, those that do own are more likely to have more than one property.

“And as the huge stock of second homes, buy-to-let and overseas properties starts to be passed on to younger generations, Britain risks becoming a country where getting ahead in life depends as much on what you inherit, as what you earn.”

The government insists that they have helped and continue to help first time home buyers.

A spokesman stated, “The Government is determined to ensure that a new generation can realise the dream of homeownership.

“Last year saw the highest number of first-time buyers in more than a decade. Since 2015, we have helped more than 300,000 people to purchase a home through schemes such as Help to Buy.”