A new poll of tenants has revealed that the number of people residing in privately rented accommodation in their retirement years has swelled by over 200,000 in the past four years.
In all, the survey suggests that the total proportion of private renters in retirement age has risen by 13% since 2012.
Retiree renting rise
17% of retired renters reside in the South East of England. However, just 3% live in London, representing the smallest proportion in the UK.
The North West has 15% of the retired renting total, in comparison to just 4% in the North East. The West Midlands is home to 8% with the East Midlands making up 4%.
This said, the proportion of landlords who have let to retired renters has fallen by almost half in the same period. 9% of buy-to-let landlords asked said that they presently rent to retirees, in comparison to 19% in 2012.
Number of retiree renters rising
Assurances
Carolyn Uphill, chairman of the NLA, said, ‘more and more people are turning to private rented housing at every stage of their lives, including in retirement. Landlords appreciate the stability and assurances often provided by older households, but are finding it increasingly difficult to build businesses around the needs of potentially vulnerable tenants.’[1]
‘Successive cuts to the welfare budget, uncertainty about pension provisions and the devastating impact of the Government’s tax changes are likely to mean that private landlords will soon be unable provide homes in high cost areas like Central London for anyone without a well-paying job. As the proportion of retired renters continues to grow there’s a real worry that homes won’t be available in the private sector, forcing people to look further afield-leaving communities they have known and contributed to for decades,’ Uphill added.[1]
[1] http://www.propertyreporter.co.uk/landlords/retired-renter-numbers-rockets-by-200k-in-4-years.html