3^rd Mar 2019

According to research there is a significant rise of over 60s who are selling their homes to live in rented properties.

The research carried out by the Centre for Ageing Better (CfAB), shows that from 2007 there were around 254,000 'Silver' renters (over 60s) which has risen to 414,000 in 2017; it also forecasts that by 2040 one third of over 60s will live in rented accommodation.

The CfAB's research has also found that over the last four years around 200,000 older people had started renting homes, and “a growing number of older homeowners are choosing to sell up and rent in retirement”.

It believes that many older adults are downsizing from their family homes to live in far more manageable properties during their retirement years.

Many of them are grandparents and parents who want to release equity to help their younger family members get on the housing ladder, whilst others are moving to be closer to their family or to live in a better area.

Gillian Girling, chief executive of a retirement rental specialist, said: “Most retirement developments are in convenient places, with good transport links and shops and doctors’ surgeries close by.

“Renting also gives people financial freedom. They can budget a fixed amount of rent per month and, as there are no additional maintenance and service charges to pay, there are no surprise bills.”

Richard Merrick of PIMS, said: "It is of no real surprise that there are more over 60s deciding or having to rent a home in their pensionable years because of the age demographic makeup of the UK.

"This age group of tenants, on the whole, are far more responsible and respective of the properties they live in and will pay their rent on time."


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