There has been a major rise in the number of older tenants – mirrored by a fall in the number of younger ones.
A new report, from the UK’s largest agent, Countrywide, says that there has been a 6% annual rise in the number of private tenants aged 50-plus, while there has been a 7% decline in the number aged under 25.
Countrywide calls the decline “unexpected”, but think it is because younger people are moving back into the family home.
Tenants aged 41 and over now make up nearly a third (29%) of all of those renting a property in England, Scotland and Wales.
Countrywide, which bases its finding on analysing over 50,000 rental properties in its portfolio, also says that average rents have risen 1.2% year on year, and that the average length of a tenancy is now 19 months.
A separate survey, by tenancy referencing and insurance firm HomeLet, says that UK rents have reached an all-time high, at £811 a month. Removing London figures, the average cost of renting a home in the UK is £681 per month.
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Comments
It is possible that the younger people are moving back in with their parents because rents are far too high for them and helping their parents to fill their 'spare room' to avoid paying a premium on that 'spare room' or being asked to move by the Council.
Older people may be selling their houses to cash in their equity for holidays or to help their children with a deposit on a house, knowing that once they are a tenant, they will get help with the rent through housing benefit when they can no longer work and their capital runs out. At the same time, as they do not own a house, they will not have to pay for their care in old age, it will be paid for by the state.