Published On: Sat, Dec 2nd, 2017

Number of pensioners renting houses to SOAR above a million by 2032

About 1.1 million retired people will be renting by 2032, according to financial services company Scottish Widows. 

The firm’s Robert Cochran said: “Generation Rent is a term often applied to younger people but our research shows that the problem extends right to the other end of the age scale. 

“The number of people renting in retirement is set to treble over the next 15 years, but alarmingly few people are thinking about how they would cover the growing cost of a property lease when they stop working. 

While some people may choose to rent later in life, we also need to ensure it’s a more sustainable, secure option for an ageing population, many of whom will have no choice.  

“We are therefore urging the Government to consider ways to refine the housing market to better suit older renters – through options such as open-ended tenancy, with predictable rents and protection.” 

The proportion of pensioners renting private homes is expected to increase from eight per cent now to 12 per cent in 2032. 

Experts say many older people find they are short of money when they retire and are forced to sell their property and rent instead. 

Campaigners are demanding more suitable homes for retirees and say landlords should be encouraged to make basic changes, such as installing handrails, to improve their quality of life. 

Dr Rachael Docking, of the Centre for Ageing Better, said: “If you are building accommodation that is able to respond easily to people’s needs as they get older, that will make a big difference.” 

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