Pensioners rent spending TRIPLES in last decade
When it comes to pensioners and property, there are always a number of views from each side. Whether they’re the ‘Generation Trapped’ who can’t downsize their property, whether they’re sitting on property and have housing wealth or whether, as we see here, more and more are renting.
According to the latest research, in the last year, pensioners have spent £3.7bn on rent - this is more than three times the amount of a decade ago in 2007. This means that retired people contribute £1 for every £14 tenants pay in the rental market.
The rental market can no longer be typified by the image of carefree, young professionals. More than half of tenants are over 30 and the number of pensioners is at record level.
Johnny Morris, Countrywide.
Retired people account for 8% of tenants
The research goes hand-in-hand with the latest data that divorce among people over 60 continues to rise. According to the report, more than half of pensioner tenants also live alone. On average, they pay £810 per calendar month to rent - 12% less than the overall average.
*figures from Countrywide
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