Retirement rental hotspots in England and Wales
Homeowners selling their properties in order to turn their equity into cash to boost their retirement incomes
Alex Johnson has been part of The Independent's online team since 2007. He has been writing about microarchitecture on his internationally-acclaimed Shedworking blog since 2006 and is the author of Shedworking: The Alternative Workplace Revolution. His latest book is Bookshelf, published by Thames & Hudson.
Monday 30 December 2013
One in every four of retired households across England and Wales is currently renting their home, a new report suggests.
According to new analysis of ONS census data by Prudential, the London boroughs of Tower Hamlets and Hackney have the highest proportion of retired renters at 73 per cent, bringing the overall average for pensioners renting in London to just over a third (36 per cent).
Outside the capital, Manchester has the highest proportion of pensioner households that rent, with a near 50-50 split between owning and renting. Kingston upon Hull (47 per cent), Norwich (45 per cent), South Tyneside (42 per cent) and Newcastle upon Tyne (41 per cent) also have high proportions of retired renters.
The figures suggest that Castle Point in Essex has the highest proportion of pensioner homeowners, with 11 per cent of retired households renting. Fareham in Hampshire (11 per cent), Epsom and Ewell in Surrey (12 per cent) and East Dorset (12 per cent) all have retired populations where fewer than one in eight pensioner households rent.
Prudential research earlier this year identified a rise in retired renters, with many homeowners selling their properties in order to turn their equity into cash to boost their retirement incomes.
Stan Russell, retirement expert at Prudential, said: "These statistics help explain why many people look to spend their retirement away from big cities. Living in a home you own can be less of a drain on your retirement income than paying rent, however with property prices in many urban areas higher than in other parts of the country, it’s no wonder that in cities such as Manchester, Hull, Newcastle, Norwich and Liverpool the number of retired homeowners is only just higher than the number of retired renters.
"Pensioners who choose to retire outside major cities and go where property prices are generally lower can boost their retirement incomes and reduce living costs by downsizing. Many can also maintain a higher quality of life by remaining in a home they own rather than taking on the potential extra cost of paying rent."
Top 10 retirement rental hotspots outside London
2. City of Kingston upon Hull
4. South Tyneside
5. Newcastle upon Tyne
A listed, four-bedroom farmhouse in the rural hamlet of Rushall with detached barn, four acres of gardens and paddocks
A first-floor flat with two bedrooms, a spacious reception room and communal grounds in a leafy part of London
A three-bedroom flat with a spacious rootop terrace and balcony, accessed from a private gated courtyard
A Grade II-listed pile with six bedrooms, stables and 39 acres of grounds in Standlake
A two-bedroom flat with boutique hotel-style interiors, close to the foodie haunt of West End Lane
A two-bedroom flat in a beautiful old vicarage, with many original features, close to the city centre
A three-bedroom 16th-century home with an aga kitchen, private gardens and heated outdoor pool, in Hadleigh
A three-bedrom home in sought-after Queen's Gate Mews, with Italian marble-finished bathrooms
Surrounded by glorious countryside in the village of Udimore, sits this impressive four-kiln oast and barn conversion
A five-bedroom house in the picturesque village of Kettlewell, north Yorkshire
An 18th-century former coaching inn with original staircase, open fireplaces and beams throughout
A Grade II-listed Georgian town house with three bedrooms and a south-facing courtyard, near Arundel Castle
Feel on top of the world at this über chic penthouse on the 37th floor of one of Europe’s tallest blocks.
A Grade II-listed Victorian villa with six bedrooms and two further cottages, all with spectacular sea views
A grade II-listed, Georgian cottage with mature 50ft garden, perfect for summer entertaining
A magnificent Georgian pile with turrets, seven bedrooms, a heated pool and four acres of gardens
Fairoak Farm has five bedroom suites, gym, outdoor swimming pool and golf course
Chic two-bedroom river-fronted flat with a private lift that delivers you directly to your home
A spectacular seven-bedroom Tudor pile, once owned by Henry VIII, with 18 acres of land
A seven-bedroom Georgian property previously used as a picturesque wedding venue
A split-level flat in a church conversion with two en suite bedrooms and 1,200sq ft of living space
A three-bedroom bungalow situated behind an impressive stone wall, £645,000
Windsor Castle overlooks this three-bedroom Victorian cottage located on one of Windsor's smartest roads
Chapel House is a former vicarage with nine bedrooms in the beautiful Upper Wye Valley
A five-bedroom B&B and separate owner's accomodation with potential for conversion
Enjoy summer by the Thames in this two double-bedroom converted warehouse in Rotherhithe village
A one-bedroom, luxury apartment with private gym and concierge service in Moorgate
A four-bedroom house in Hermitage Gardens with three reception rooms and landscaped gardens
A seven-bedroom Grade II-listed property with a separate self-contained apartment
A five-bedroom Victorian house with three reception rooms and galleried landing, £695,000
A six-bedroom farmhouse with five acres of land in a former cloth-making village
A secluded seven-bedroom detached house with large private garden, £490,000
A three-bedroom cottage overlooking Sarratt village green with open fires and solid oak floors
A three-bedroom maisonette flat in a Grade I-listed, Georgian townhouse in a sought-after location
A one-bedroom apartment located within a private gated development, north of Turnham Green
Look forward to a brighter future at two-bedroom Sunny Cottages, ideal for Londoners looking to downsize
A three-bedroom red-brick cottage with outbuildings and pretty gardens, £200,000
This three-bedroom flat within a former textile factory spans the corner of the fourth floor and has a balcony
A charming four-bedroom Oxfordshire cottage with oak floors and chunky-beamed ceilings, £465,000
A beautiful one-bed flat in a sought-after portered block, with access to Norland Square communal gardens
A one-bedroom flat within a Sixties school conversion with high-spec design and open-plan kitchen, close to Lambeth North Tube, £435,000
A 17th century four-bedroom house, with open fireplaces, cellar and pool, £600,000
A three-bedroom, coach house with luxury open-plan living space and contemporary breakfast bar
A newly refurbished one-bedroom flat in the heart of Mayfair, close to Grosvenor Square
A charming four-bedroom house overlooking Burleigh Square Park, close to Thorpe Bay
It scooped up an unprecedented 11 Academy Awards when it was first remade in 1959
Olympic diver has made his modelling debut for Adidas
...and the perfect time to visit them
Life & Style blogs
Daniele Watts: Django Unchained actress detained by Los Angeles police after being mistaken for a prostitute
Scottish independence referendum: A nation divided against itself
The political class is doing what Hitler couldn’t – destroying Britain
Scottish independence: Nationalist leader Jim Sillars threatens pro-union companies with 'day of reckoning' after independence
Scottish independence: Yes campaign feels the heat as Alex Salmond's NHS claims come under furious attack
Portuguese academic says British are 'filthy, violent and drunk'
- 1 iPhone 6 review: bigger, thinner, faster, brighter - Apple proves you can make the best better
- 2 Sports Direct security guard allegedly banned Jewish schoolboys and told them: 'No Jews, no Jews'
- 3 Watch a man race the Circle line - and win
- 4 Pakistani passenger power forces two politicians off plane
Negotiable: Randstad Education Reading: Maths Teacher required for a College i...
£21000 - £35000 per annum: Randstad Education Cambridge: Teacher required for ...
Negotiable: Randstad Education Reading: Construction Lecturer needed for a Col...
£50 per day: Randstad Education Cheshire: SEN Teaching Assistant EBD , Septemb...