Homeowners aged over 60 now hold 56% of the UK’s owner-occupier housing wealth, with a total net value estimated at £2.89 trillion, according to new figures from Savills. Despite this substantial equity, the group still has £60 billion in outstanding mortgage debt, representing around 2% of the value of their homes.

Savills’ analysis shows that over-75s alone account for nearly a quarter of the UK’s property wealth, while those under 35 hold just 6%. Older homeowners are more heavily concentrated in regions such as the South West and Wales, with lower representation in London.

The figures highlight the deepening generational divide in property wealth. Older generations, having benefited from decades of equity growth and reduced borrowing, now dominate the housing market, while younger buyers have faced greater barriers to building property wealth.

Savills argues that encouraging downsizing among older homeowners could help ease pressure on the housing market by freeing up family-sized homes and releasing equity to support younger buyers.

Regional estimates from the research show that the South East leads with £603 billion in housing wealth among those over 60, followed by London at £400 billion, the East of England at £354 billion, and the South West at £326 billion. Other regions include the North West with £234 billion, the West Midlands with £212 billion, Scotland with £186 billion, the East Midlands with £178 billion, Yorkshire and the Humber with £169 billion, Wales with £106 billion, the North East with £64 billion, and Northern Ireland with £54 billion.

Savills based its calculations on a combination of HM Revenue & Customs data, the Census, and the English Housing Survey. The findings have important implications for businesses involved in property development, retirement living, and financial services that target later-life planning.

Severfield has announced plans to reduce its workforce by 6% in response to ongoing trading pressures in the UK and Europe. The company, which employs approximately 1,800 staff, will cut over 100 jobs as part of a broader strategy to address delays in project deliveries and tighter pricing.

Along with the redundancies, Severfield will also implement a freeze on new hires and focus heavily on managing cashflow. The company has also reduced its planned capital expenditure and is working to accelerate tax refunds from HMRC. This comes as part of its efforts to mitigate the impact of the current economic challenges.

Severfield confirmed its bridge remedial works programme is on track, with costs remaining at £20 million. For the fiscal year ending 29 March 2025, the company reported net debt of £44 million, with an expected underlying pre-tax profit range of £18 million to £20 million.

The company’s order book in the UK and Europe is valued at £440 million, with £327 million of that scheduled for delivery within the next 12 months. Severfield’s CEO, Alan Dunsmore, is set to step down on 30 June after leading the company for over seven years.

Global infrastructure firm Egis has acquired Yorkshire-based engineering consultancy Omnia Projects, expanding its footprint in the UK’s electricity transmission and distribution (T&D) sector.

Omnia Projects, founded in 2012, specialises in T&D engineering, technical assurance and project management. With a workforce of over 110, the firm has delivered key infrastructure projects for major players, including National Grid, covering the full project lifecycle from feasibility to commissioning.

The acquisition enhances Egis’ expertise in energy infrastructure, particularly in grid connections and substation design. It also broadens the firm’s capabilities in civil and structural engineering, protection and control systems, and project delivery for high-voltage substations, as well as overhead line and cable design.

This move supports Egis’ strategy to offer integrated services in the UK’s transitioning energy market. Omnia Projects will continue to operate independently under its existing leadership while gaining access to Egis’ international resources and investment.

The number of non-fatal workplace injuries reported in the UK has risen to 61,663 in 2024, an increase of over 1,000 cases compared to the previous 12-month period, according to data from the Health and Safety Executive (HSE). The figures come from the RIDDOR reporting system and signal a continued need for employers to strengthen workplace safety protocols.

The most common cause of injury was slips, trips, and falls, which accounted for 31% of all incidents. Handling, lifting, or carrying made up 17% of cases, followed by workers being struck by moving objects at 10%.

The release of the statistics coincides with the World Day for Health and Safety at Work, a global event aimed at promoting safe and healthy workplace practices. For UK employers, the timing highlights the importance of meeting obligations under the Health and Safety at Work Act 1974, particularly as injury numbers are trending upward.

JMG Group has made three more acquisitions in the UK as part of its push to grow regional market share and add specialist capabilities to its portfolio.

GS Group, part of JMG, picked up W K Insurance, a commercial broker in Scotland with a 40-year track record. Seven employees moved over as part of the deal. Leadership has been passed on internally to support business continuity.

Greenwood Moreland acquired UKI Direct, a York-based broker focused on SMEs. The deal adds £2.5 million in premium and expands Greenwood’s footprint to seven locations with over £58 million in GWP. Key staff are staying on to lead the transition.

Lighthouse Risk Services bought TSE Solutions, a Leeds firm offering tailored risk and safety consultancy. The acquisition builds on an existing working relationship and boosts Lighthouse’s presence in the health and safety space.

These moves follow a year of aggressive dealmaking by JMG, which placed more than £350 million in GWP in 2024. The group is in talks for further deals as it continues to buy and build across the UK insurance market.