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More people renting in retirement Image

13th November 2018
More people renting in retirement

Growing number of people looking to rent in retirement

Private renting has more than doubled over the past 20 years, and young people are by far the most likely age group to be renting.

During the same period, home ownership among young adults has dropped dramatically, with many people fearing that they will never able to afford to buy their own home.

A recent study, carried out by Bilendi on behalf of GoCompare Mortgages, found that 31% of tenants in rented accommodation cannot imagine ever owning their own home, suggesting that many of them will be tenants for life.

Separate research from the ONS found that parts of the country are expected to have populations with 40% over the age of 65 over the next twenty years.

The findings show that West Somerset is set to be the most elderly part of the country, with 44% of locals expected to be 65 years and over by 2037.

Other areas such as West Dorset, North Norfolk and Rother in east Sussex are expected to have 40% over the age of 65 by 2037, whereas parts of London and Manchester will only have between 10-13% over this age.

Gillian Girling, chief executive of Girlings Retirement Rentals, said: “We are an ageing nation and so it’s to be expected that many parts of the UK will have a greater number of over 65s, especially areas that are popular to retire to such as Somerset and Dorset.

“However, 65 is no longer considered old and people on average will live a quarter of their lives retired. Moving somewhere new and vibrant with great facilities and amenities close by and access to a good social life to enjoy this stage of their lives is increasingly important for many.

“Growing numbers of this age group are now choosing to downsize and rent in these locations.”

Freeing up capital for the sale of a home and not having to worry about ongoing property maintenance, are among some of the primary reasons why more people are choosing to rent in retirement, according to Girling.

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