The RLA Reports that more older people will be selling their properties in future to move into private rental accommodation in order to fund their old age, according to tenancy referencing firm HomeLet.
The firm has reported a rise of 16% in the number of people aged between 66 and 70 who have sold up in order to rent over the last 12 months.In that time, says HomeLet, 1,074 people in that age group have gone from being home owners to private tenants.
It found that 43% of new tenants aged over 66 were previously living in a home they owned, compared to 37% a year ago.The firm said the figures suggest that more older people are selling their homes to release equity to fund their rising living costs.
John Boyle, managing director of HomeLet, said: “Pensioners are already feeling the pinch with the spiralling costs of fuel, energy bills and basic food. Combined with a reduction in income, old people are increasingly struggling to pay to live through their retirement."
“This suggests that the number of pensioners having to sell their home to move into rented properties could increase even more over the coming years.”
The HomeLet rental index survey gathers data on agreed, rather than asking, rents from more than 3,000 letting agents across the UK.
The latest survey shows that rents rose 2.2% in July to an average UK rental of £680, and an average of £1,154 in Greater London.
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