Recent news from Saga indicates that nearly a third of people aged 50 and over are now living in rented accommodation. An increase from just over one in four back in 2011. The increase of 15% in the last five years has been investigated by Saga and the rise has been apportioned to the rising divorce rate and higher house prices.
The report suggested that once couples had divorced and split the proceeds of their family homes, they were unable to buy a home independently. In some cases, selling the family home has been done to release capital to help a younger generation. Nevertheless, for the ‘sandwich generation’ who have children requiring financial help to get on the housing ladder, and parents who need help or looking after, it means that their own retirement is not without its own demands.
Thankfully for landlords, this generation have generally proved to be reliable tenants. For many tenants, it means that they are enjoying the freedom of being mortgage free and once retired, can appreciate the opportunity to move to a different area without being restricted to a specific location for work commitments.
Contact us for more information or advice about renting your property on 020 8687 0077.