There has been a 15% rise in the number of people renting a home aged 35-54 in the last three years as they struggle to get a mortgage, new research shows.
Increasing house prices have left many middle-age workers unable to afford a first home, or as ‘accidental renters’ after a relationship break-up.
The research, commissioned by Intus Lettings, found that the amount of people aged 45-54 who revealed they are renting due to not being able to afford a house deposit has grown by a third since 2016, according to the new data, while just under a fifth of renters over 55 believe they’ll ever be able to afford to buy a property.
Reasons noted in the survey included general affordability and problems getting a mortgage due to age.
Hope McKendrick, lettings manager at Intus Lettings, said: “With the cost of rent rising faster than wages, it’s no surprise that an increasing number of people find themselves unable to save up for a deposit to buy a home well into their 40s, 50s and beyond.
“The survey results revealing that a large proportion of older renters don’t believe they’ll ever be able to buy a home is a particularly worrying trend, as only around one-in-five middle-aged tenants feel renting actually suits their lifestyle.”
McKendrick added: “Given that nearly half of renters aged between 35 and 54 live with their children, the pressures can mean added stress for parents and families.”