Rising numbers of over-50s now renting

New figures show 6% growth in number of tenants aged over 50

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The Independent Online

Figures from lettings agency Countrywide reveals a significant increase in the number of tenants aged over 50 living in private rented accommodation.

Between April and June, the report says that the rise in the number of over 50s renting properties in East of England and East Midlands was up three per cent year-on-year, followed by Wales and London up two per cent.

The figures come as the Government's English Housing Survey shows that around one in three homeowners in England are pensioners and homeownership has dropped to its lowest level since the 1980s.

Countrywide's figures shows that there was a seven per cent drop in the under-25 age group in terms of the number of their tenants renting properties through Countrywide.

Nick Dunning, Group Commercial Director at Countrywide, said: "Renting a property was previously a choice for the younger generation as they saved for a few years to get on the housing ladder. However, there is currently a demographic change in the UK rental market with people renting for longer and in some cases for life. Reasons vary and for some it is because they cannot afford to save a deposit to buy their own home but others choose to rent and enjoy the flexibility it gives them especially in terms of job mobility."