Ideal Home reported on the latest data from Hamptons International, which revealed that those aged over 50 now account for 15 per cent of the people in the UK who are renting. When the organisation started its survey in 2012, it was 11 per cent.
The analysis also estimates that people in this age group are renting 791,580 homes in 2019, a 61 per cent increase in the number of properties they rented in 2012, and up by 8.2 per cent on last year.
The south-east is where there’s the highest proportion of older renters, the research found, while the east of England, London and Yorkshire and Humber are the areas with the lowest percentage of renters over the age of 50.
Aneisha Beveridge, head of research at Hamptons International, commented: “With younger generations much less likely to be homeowners, tenants are getting older, and an ever more diverse group of people are calling the rented sector home.”
Those over 50 typically live in two-bedroom properties, with 44 per cent of tenants in this age group renting this size home. 26 per cent rent a three-bedroom home, while 19 per cent let a one-bed property.
It could also be that more people are cottoning onto the benefits of renting rather than buying. Last month we highlighted some of the advantages to renting instead of buying, which include having greater flexibility when it comes to moving and not being saddled with the financial commitment of a mortgage.
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