Not many Brits envision themselves continuing to be part of Generation Rent past a certain age. But with house prices in some areas of the country continuing to soar and life circumstances continually changing, becoming a tenant at various stages of our life is now far from unusual.
Now new research from Hamptons International has revealed that across Great Britain, over 50’s accounted for 15 per cent of rented households in the year to date.
This number is up from the figure of 11 per cent in 2012 when Hamptons International’s records began.
Estimates from the analysis also revealed that over 50’s rented 791,580 homes in Great Britain in 2019, 61 per cent more than in 2012 and 8.2 per cent more than in 2018.
As a consequence of the above, over 50’s will end up stumping up a massive £9.2 billion collectively on rent this year, up from £8.5 billion in 2018 and £5.1 billion in 2012.
When it came to the regions with the highest proportions of older renters, the South East (19 per cent) topped the ranking with the list continuing as follows: The South West (16 per cent), North West (16 per cent) and Wales (15 per cent).
At the other end of the spectrum the East of England, London and Yorkshire and Humber (11 per cent) have the lowest proportion of tenants over 50.
Further figures from the research revealed that during the last 12 months the average tenant over 50 paid out £1,000 pcm on rent, 3 per cent (£30pcm) higher than other tenants in Great Britain.
It also found that the majority of tenants over 50 live in two-bedroom properties, 44 per cent. While 26 per cent opt for a three bed and 19 per cent live in a one-bedroom home.
‘The number of over 50’s renting in Great Britain has reached a record high,’ explains Aneisha Beveridge, Head of Research at Hamptons International. ‘With younger generations much less likely to be homeowners, tenants are getting older, and an ever more diverse group of people are calling the rented sector home.’
‘Rising rents in the South drove rental growth in Great Britain in May. The South West recorded the strongest rental growth, with rents rising 4.0 per cent year-on-year. Wales and the East were the only regions to record small rent falls.’
Do the above figures ring true with you?