More pensioners deciding to rent a home
It has been reported that a rising number of pensioners are showing interest in renting a retirement home rather than staying on the property ladder.
Many younger people are desperately trying to move away from rented property and get their foot onto the property ladder, which is proving very difficult in the current difficult climate.
However, many older people are looking at renting retirements homes according to figures released by the retirement rental specialists Girlings Retirement Rentals.
Figures from Girlings have shown that the level of enquiries about retirement rental homes amongst pensioners has risen by 32 percent in the past five years.
There has also been a general rent in private rentals over the past few years, with many younger people being forced to rent because of the difficult financial climate and many pensioners choosing to rent for one of a range of reasons.
The affordability of rental homes is one of the things that appear to be attracting older people to these particular properties. Those that own their own property are able to unlock the equity in their homes by moving off the property ladder and into rented accommodation, giving them spare income with which to enjoy life during retirement as well as a roof over their heads.
Many also like the fact that they can get a lifetime assured tenancy, which means greater security and peace of mind.
One in six homes is now said to be a private rental, and these properties now make up 15.6 percent of households in England. In 2008/2009 this figure was lower at 14.2 percent. In 2005/2006 the percentage was much lower at just 11.7 percent.
According to an official from Girlings: “Currently 70% of over 65s are homeowners in the UK and many live in large, but under occupied family housing. £1 trillion is tied up in the value of their homes and yet many live in houses which are now too large for them, struggle to pay the bills and make ends meet.
It is little wonder that many are opting to step off the property ladder and rent in order to free up their finances for retirement. Renting seems to make financial sense increasingly to this age group.
Our assured (life-long) tenancies give people the same level of security as homeownership, but without the maintenance and financial worries and this is the big attraction.”
Related posts:
- Some areas see increase of family accommodation for rent
- In many towns it is cheaper to buy than rent
- High demand for properties to rent in posh parts of London
- Average rent in England and Wales increases again
- Tenants scramble for property as rental shortage continues
Tags: buy to let, rental property
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