One inference could be that any savings for the younger age groups, accrued from reduced interest payments, a lower debt burden or less distressed wages, found their way into property prices. The younger age group, who have higher interest rate elasticity, are more likely to utilise a low-rate environment to buy their first property with a lot of debt. Looking at Chart 20, house price rises, in aggregate, accounted for nearly one-third of the income and wealth preserved over 2008-14, across all measures. This positive effect of low rates on house prices sustaining value may have been magnified by the coalition government's Help-to-Buy scheme. Introduced in 2013, the programme allowed first time buyers to put up only 5 per cent of the total value of the property for the deposit.

https://ftalphaville.ft.com/2018/03/27/1522168330000/The-distributional-effects-of-UK-monetary-policy/