More over 50’s renting than ever before
The changing demographic of the UK housing market has been underlined with the news that the number of over 50’s residing in rental accommodation has risen steadily over the last five years.
New research from Saga Home Insurance has revealed that one-third of people aged 50 or over currently live in rental accommodation. This is a rise from just over one quarter at the start of 2011.
Changing circumstances
Reasons for the rise in over 50’s residing in rented accommodation vary. Of course, spiralling house prices mean that many are cashing in for their retirement years.
However, a rise in divorces for couples over 50 has also had an impact. More people over 50 are getting divorced than ever before, with 20% of renters in this age bracket being single and trying to get back onto the housing ladder.
For people living in rented accommodation as a whole, there has been an increase in the number of people under 70. The largest increases have been for those between the 50-54 age bracket.
In addition, people over the age of 50 living in rented accommodation have on average £20,000 worth of contents in their property. However, 59% of people over the age of 50 living in rented accommodation do not have home insurance, leaving them liable to large bills should anything happen to their property.
More over 50’s renting than ever before
Social impact
Roger Ramsden, chief executive of Saga Services, noted, ‘social changes certainly seem to be having an impact on the homes of the over 50’s. It is concerning that so many do not have insurance for their belongings, whilst the landlord has responsibility for repairing the building should anything happen, they are not responsible for replacing valued possessions should they for example be damaged by fire or even a significant water leak.’[1]
‘Without insurance, it is not just people’s own possessions they would have to foot the bill for if they were damaged. Any fixtures and fittings or other items tenants are listed as responsible for in the inventory agreed with the landlord will have to be replaced if they are damaged by tenants, which could add up to a significant sum,’ Ramsden added.[1]
[1] http://www.propertywire.com/news/europe/uk-home-rental-research-2016070612110.html