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The number of people aged 55 to 64 living in rented accommodation has increased by 80 percent in a decade, suggesting that rising housing costs are putting more people off a lifetime of homeownership.
According to statistics released by rental housing lender The Mortgage Works, roughly 20% of renter households are aged 55 or over.
Over the past decade, the proportion of 55-64 year olds living in their own property has fallen by 10%.
Damian Thompson, director of landlords at The Mortgage Works, said: “Understanding trends in the private rented sector has never been more important – the sector continues to support the livelihoods of millions of people across the UK by providing homes for people who can’t afford to buy or don’t want to own a home.”
“We want to understand the new Government’s plans to create a stronger, fairer private rented sector where the law works in favour of both landlords and tenants.
The research also found that the proportion of landlords owning five or more properties tripled between 2010 and 2021, with smaller landlords increasingly being dominated by larger corporations.
Around 350,000 fixed rate buy-to-let mortgages are due to mature next year, meaning landlords looking to refinance their mortgages could face a payment shock of around £225 a month.