As home ownership declines, one in three will rent in retirement, either because they have rented all their lives or because they sold up to reduce costs and raise some capital.
The Council of Mortgage Lenders (CML) show that half of those born in 1960 were home owners by the age of 30, whereas less than one-third of those born in 1980 will achieve this.
Whilst tomorrow’s pensioners are likely to face more austerity, the picture has been entirely different for many of those in retirement today, particularly those who own their own homes.
Office of National Statistics (ONS) figures show that pensioners have become considerably wealthier with protected state pensions and better private pensions, whilst workers today have struggled with pay freezes and cuts.
Even though the private rented sector has doubled in the last 10 years, some estimate that private landlords will rent to up to one-third of households by 2030.
The lettings team at Sheldon Bosley will be happy to advise any landlords looking for long term investments to take advantage of the thriving renting retiree market. Please call us on 01789 206760 or 01608 665473.