Record levels of retirees paying rent according to Countrywide
According to the latest figures from Countrywide’s Monthly Letting Index retirees in Britain spent a record £3.7bn in rent in the last 12 months, an increase of 216% ( £1.2bn) paid by retirees ten years previous, it reveals that retired people make up 8% of all tenants.
The index reveals that London has the least number of retirees renting properties while Wales accounts for the biggest proportion of the population.
Johnny Morris, research director at Countrywide, said: “The rental market can no longer be typified by the image of carefree, young professionals. More than half of tenants are over 30 and the number of pensioners renting has reached record levels. With younger generations growing up much less likely to be homeowners, tenants are getting older with an ever more diverse group of people calling the rented sector home.
“Seven consecutive months of falling rents in the capital are starting to show signs of rippling out across the country with rents down in over half of regions outside London. The number of homes on the market remains well up on last years’ levels, softening rental growth.”
You May Also Enjoy
Bank of England Hold’s Interest Rates at 4%
England’s south coast sees highest rent increase in UK
Fewer than 1 in 5 homebuyers find their perfect property
Average homebuyer travels 330 miles to find their ideal property
Why first-time buyers should start the financial conversation early
